what are the main things to consider when buying a fixer upper (house or apartment)?

Answer 1

How much money and time you have to put into the place. Best is if you have the time and ability to do most of the work yourself.First and foremost and inspection of the property so you have an idea of what you need to put into it. Next a comparison appraisal of what homes are selling for in that area to insure you are not investing more than the house will be worth

Answer 2

That is one heck of a big question...

Check to ensure that there is NO WATER DAMAGE of any sort as these "fixer uppers" are the most costly.

Check the Electrical box in the basement, you want minimum 100A service and no aluminium wiring.

Check all areas of plumbing for leaks...again for water damage.

Make sure roof is in good condition

Check all appliances if they are so equipped, i.e., fridge, stove, dishwasher, washer, dryer and most importantly the furnace and hot water heater...

Is the basement of the house finished and if so does it have a false drop ceiling...open ceilings on bungalow type dwellings are excellant for running and fishing wires if necessary.

The last comment is great when you want to make a house internet and cable ready throughout...a real selling feature. For a bungalow, it would be a cheap upgrade...probably for less then $100.00 bucks you can do that. Cable would probably be another $100.00.

What kind of "fixer upper" work are you capable of, i.e., fixing walls/building them if required.

Check to see if all that is required is a new paint job, some wall paper and flooring coverings like carpet...a couple of thousand dollars of investment in this area really makes older homes look new and more modern, esapecially if you consider putting down some of the newer baseboards, etc.

The condition of the kitchens and bathrooms are important...again keep an open eye for water damage.

Check around all the windows...is the caulking old or yellowing/greying...that's easy to clean off and put a fresh bead down...easy to do, cheap and quick. If you do not know what you are doing in this matter, get someone who can.

Your question is very vague and I would be happy to answer any other questions if you e-mail me with specifics. I have a 1001 tricks to help you through running wires in walls, fixing holes in walls, and whatever else you may come across...

Hope this helps and I can assist further if you're more specific in your questions...direct them to my e-mail...

Go nuts...Paul

PS...sorry, I didn't metion the money part...that was too obvious and I did not think that that was the type of advice you were looking for.

Answer 3

Get a professional inspector to check EVERYTHING first. You can end up with some nasty surprises when you start fixing things up. Very often things just look a bit old and tired and it turns out they're crumbling underneath and will need to be rebuilt. Not fun and very expensive! You can even get a checklist online for things to look at yourself and be sure the inspector checks the problem areas you have questions about. If necessary get some estimates on what the repairs will cost so you know up front what you may be in for financially.

Answer 4

The main thing is money. Does the purchase price allow you enough to do the repairs it will need? Figure out how much you think it will need and then double it. You should also decide how much repair you are willing to do. Only cosmetic things? Demos of kitchens and baths? Repair of main structural elements like foundations, basements, and roofs? Things called fixer-uppers run the gamut of just needing fresh paint to needing gutting and rebuilding. You also need to consider how much of it you are capable of doing or if you will need to hire contractors to do it.

Answer 5

Whether or not you have the skills or the money to do the fixing.

The cost of all that, PLUS what you pay for the house should not equal more than the value of the house. In attempting to calculate that value, consider the location and comparative house pricing. A good value in downtown San Francisco is not such a good value in the middle of the Kansas prairie.

Answer 6

The foundation of the home (if it's a house), the roof, the plumbing and the electrical system...I would also visit the property on a rainy day and go into the basement and look for damp...Also check door frames for square (if the floor is settling unevenly)...

Answer 7

Leaks, mold and electrical is up to code.