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05/25/2018

Find a Fixer-Upper Worthy of Your Investment

If you're not familiar with the term fixer-upper, it generally refers to a home that is for sale but in need of renovations or repairs. These homes are generally priced below market value because of the fixes they are in need of. While they do need some repairs, they can be lived in while being fixed. This may seem like a great deal, not all fixer-uppers are worth their price.

Why a Fixer-Upper?

If you're looking to purchase a new home for you and your family, buying a fixer-upper may seem completely inconvenient. For others, the idea seems like a ton of fun. Those who are looking for a fixer-upper are excited by the idea of taking on DIY home projects and customizing the home to their liking. Others invest in these types of properties because they are priced below market value. They then take on the home repairs and resell the home for profit. Whatever your plan is, just be sure you'll get a home that is worth its asking price.

Invisible Repairs

Before purchasing a fixer-upper, be sure to get a home inspection so that you're aware of all the repairs it needs. If the home inspection reveals major issues like foundation problems, sewage line issues, or electrical problems, the home may not be worth investing in. These issues tend to be quite expensive to repair and are considered invisible repairs because after being fixed, they don't have an impact on the aesthetics of the home. When a repair isn't visible, it doesn't add as much value to the property. To get the most for your money, consider serious structural issues a deal breaker.

Profitable Upgrades

A home in need of aesthetic repairs will be a better investment. These types of repairs are generally easier to take on yourself and will make a large difference in the appearance of the home. Examples of these repairs include installing new flooring, repainting the home, and improving the landscaping. Some of the upgrades that add the most value to a home include adding another bathroom or renovating the bathrooms already in the home. These projects tend to be more budget friendly and offer higher returns.

Purchase Title Insurance in Plainview, Texas

Don't invest in any home without first purchasing title insurance in Plainview, TX. To find the best deals on title insurance, contact Countywide Title Company in Plainview, Texas at (806)293-8363.

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