What makes a FIXER-UPPER, a GOOD fixer upper?
A good residential fixer-upper is one that has the POTENTIAL for increased property value, is in a DESIRABLE location and the RENOVATION COSTS are LOW. The problem with these criteria is that they are very, very subjective. There are many important questions to consider:
•Are you a first-time buyer?
•How much time do you have to invest in the project? How much time will it take to renovate, market, sell and settle on the property?
• Do you have a realistic budget? How much cash do you have to invest in the purchase and renovations? Do you have experience making repairs? Can you do any of the work yourself? Do you have a reserve for the “unexpected”?
•How much of a profit will you make after expenses?
Working with a KNOWLEDGEABLE and EXPERIENCED real estate agent like Priscilla can help you make a good decision on your fixer-upper.