Tips For Buying A Fixer Upper |
Posted: July 5, 2016 |
Some homebuyers only want to consider buying a fixer upper. Why? Because so many repairs need to be made on the home, buyers can often get a great deal from sellers who are just desperate to get the property off of their hands. If the idea of becoming a handyman at home is appealing to you, follow these tips for buying a fixer upper: Look up tax incentives. Depending on where you live, you may be eligible to receive tax incentives for buying a fixer upper. Some cities offer tax credits to homeowners who make an effort to increase the value of their property. If you buy a fixer upper, the repairs and renovations that you make would probably qualify for these credits. Before you buy, talk to your real estate agent or accountant about whether these credits apply to you. Talk to a home inspector. Have you made a list of repairs that need to be done before you can live in your new home? How do you know you didn’t miss something? Although you may consider yourself to be an expert, it’s always best to rely on a professional home inspector’s opinion. Call a home inspector to the house to determine whether there are issues that you were not aware of, such as structural damage or mold and mildew in the walls. Every problem that is found can add on a significant amount of time and expenses to your repairs, so it’s important that you factor in every problem when estimating whether the fixer upper is worth it or not. Look at the zoning. Before you make an offer on a home, check the property’s zoning. This will allow you to determine whether there are certain things you can and cannot do to the home while you’re making repairs. For example, you may not be able to build a fence around your home if it violates the zoning requirements in your area. Be sure to research what the property is zoned for, and then what that means for you. Talk to a contractor. Once you have figured out what you can and cannot do, and then made a list of repairs that need to be done with the help of an inspector, it’s time to call in a contractor. Discuss what you need done with the contractor and try to get an estimate of how long it will take and how much it will cost. Of course, you can try to tackle some projects on your own, but for major repairs, you will need the help of a professional contractor. Be sure to talk to multiple contractors so you can get different estimates and then decide who is offering the best deal. Before you hire anyone, do your research online and make sure that person doesn’t have a bad reputation in the community. Want more real estate advice? Get the honest answers that you deserve. Contact our team of real estate experts at Coast 2 Coast Realty who have years of experience helping people buy and sell homes in the Tampa area.
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