2007-03-20 12:50:14 · 5 answers · asked by ? 4 in Business & Finance ➔ Renting & Real Estate
Its really up to you. Are you handy? Can you fix most of the problems by yourself, or will you have to sub it out. If you can do so, you can minimize the expense of fixing it up, in addition to giving yourself a heck of a deal. The downside of course is that you will be putting in a lot of sweat equity. It also really depends on what all needs to be fixed.. If its just cosmetic, it shouldn't be that expensive nor that time consuming. If its electrical, foundation, plumbing, etc., you might want to see what else is out there. If you find one that you absolutely fall in love with, make sure you do not pass up getting an inspection done even though it might cost 200-400 dollars, depending on your area. There could be a lot of visible minor repairs, but a lot of things behind the walls that could empty out your bank account. In a buyers market (which we are in) there are tons of good deals out there for homes that need little to no fixing at all. Being that you are a first time homebuyer, Do not try to do this yourself, hire a REALTOR, I mean, you aren't paying them anything and they are doing all the work for you.. The seller will be paying them.. Best of luck
2007-03-20 13:01:26 · answer #1 · answered by MATT Z 2 · 1⤊ 0⤋
Depends on his or her skills. Everyone isn't cut out for replacing toilets and pipes. Their lifestyle is too busy. And, with a fixer upper there will be various people coming by to fix stuff: taking up your precious time.
If your job is mundane and you only work 8 hours a day, this could be fun. If you work overtime constantly and have a fairly busy life after work, you may want to come home to a house that works.
2007-03-20 19:54:59 · answer #2 · answered by Venita Peyton 6 · 1⤊ 0⤋
every house we have every purchased has been a fixer upper. it's a great investment and we were able to move up into an AWESOME house, that's perfect for us, also a fixer upper.
we have learned tons about 'fixing' up. some things we have had to have done by the pros, but, it's fun learning, and trying, and experimenting. you'd be surprised!
for us it's fun and it's gratifying!!!!
try to find homes that are structurally sound and mostly require
'cosmetic' work to be done. if you are knowledgable on home repair and remodeling than go for it for sure.
good luck to you!
2007-03-20 20:09:57 · answer #3 · answered by that girl! 4 · 1⤊ 0⤋
If you have the skills and time to fix it up yourself it is a good idea, you can save a lot of money. If you have to pay someone to fix it up, it may not be such a great deal. There are many other things to take into consideration such as the purchase price and the value of the property after the repairs.
2007-03-20 19:58:57 · answer #4 · answered by tomnmexico 4 · 1⤊ 0⤋
If you're handy in fixing things, it can get you a house for a lot less money than the same house in good condition. You can also customize certain areas how you want them.
But it can also be a lot of extra money out of your pocket that you would have financed if it had been in good condition. It will also take extra time to fix that you may need for the actual moving.
2007-03-20 19:57:57 · answer #5 · answered by Brian G 6 · 1⤊ 0⤋