Buying a Fixer Upper
You can find distressed properties or fixer-uppers in most communities, even wealthier neighborhoods. A distressed property is one that has been poorly maintained and has a lower market value than other houses in the immediate area.
Ascertaining whether the property you're interested in is a wise investment takes some work. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.
Most homeowners know how to paint a bedroom or install a new light fixture, but those routine chores are a far cry from adding a second bathroom, remodeling an out-dated kitchen, landscaping an entire front yard and the like. Tackling these improvements without the necessary experience and expertise can lead to costly mistakes. And if the home really only needs easy, inexpensive or purely cosmetic repairs, your efforts probably won't add enough value to be profitable. Do you have the expertise required to meet with contractors or make major improvements yourself?
As a general rule of thumb, improvements that are invisible to home buyers or merely bring the home in line with expected minimum standards don't add much resale value. If you make the wrong improvements, you won't see much, if any, return on your investment. Another potential pitfall is over-improving the home compared to other homes in the neighborhood. Do you have a working knowledge of which improvements are likely to add value?
Team has an experience in home remodeling and possesses strong working knowledge of carpentry, plumbing, electrical and design. And we are happy to help you.
Ascertaining whether the property you're interested in is a wise investment takes some work. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.
Most homeowners know how to paint a bedroom or install a new light fixture, but those routine chores are a far cry from adding a second bathroom, remodeling an out-dated kitchen, landscaping an entire front yard and the like. Tackling these improvements without the necessary experience and expertise can lead to costly mistakes. And if the home really only needs easy, inexpensive or purely cosmetic repairs, your efforts probably won't add enough value to be profitable. Do you have the expertise required to meet with contractors or make major improvements yourself?
As a general rule of thumb, improvements that are invisible to home buyers or merely bring the home in line with expected minimum standards don't add much resale value. If you make the wrong improvements, you won't see much, if any, return on your investment. Another potential pitfall is over-improving the home compared to other homes in the neighborhood. Do you have a working knowledge of which improvements are likely to add value?
Team has an experience in home remodeling and possesses strong working knowledge of carpentry, plumbing, electrical and design. And we are happy to help you.
Named Highest Ranked in Home Buyer Satisfaction by J.D. Power and Associates for Third Straight Year
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San Diego My Home Team
- Keller Williams Realty San Diego Metro
3965 5th Ave Suite 300
San Diego, CA 92103
Direct 619-663-7139
Office 619-233-5935
Fax 619-233-5526
DRE# 01458113
info@sdmyhome.com
San Diego, CA 92103
Direct 619-663-7139
Office 619-233-5935
Fax 619-233-5526
DRE# 01458113
info@sdmyhome.com
