Good Layout

With the exception of location, the floor plan of a home is one of the most expensive things to change. A livable layout that makes sense for your lifestyle is going to be one of the most important aspects of your home search, but it’s often overlooked in favor of easily-changed aesthetic factors. If you find a home you really love, imagine going about your daily routine. When you come home from work, do you want to have a foyer with a closet for your purse or a mudroom where you can keep shoes? When you’re doing laundry, wouldn’t it be easier to have the washer and dryer upstairs near the bedrooms, so you don’t have to carry it up and down steps? Thinking critically while you’re still in the searching phase will save you a lot of heartache (and money!) in the long run.

Sound Major Systems

This is where a home inspector will be able to help you out! While you’re viewing homes, you can certainly note down the serial numbers of the appliances and look up their ages but an inspector will be able to better evaluate what condition they’re in and their life expectancy. Try to make sure the appliances are either still within their warranty or have a good couple years left in them! After putting down that big down payment, the last thing you’re going to want to shell out for is a new water heater or dishwasher. Ask about the efficiency of the HVAC system and make sure that the home is well-insulated so that you’re not going to be paying exorbitant heating and cooling bills!

Home Resale Potential

We get it! You’re excited about moving in and selling the place is the last thing on your mind. But it’s smart to be cold and calculating when you’re making such a large investment. This is where your agent can help out—look at the comps for the surrounding neighborhood. Even if you really remodeled and updated your potential home, is there a max upper limit on how much homes in that area sell for? What’s the average price per square foot, and would a different area have a better return on investment? Analyzing all these factors in an unemotional, quantitative way before you make an offer could help you protect your investment in the long run!

If you think you’re ready to start looking or you’d like some helping narrowing down your choices, drop one of our fabulous agents a line! We’d be happy to help, even if you’re not quite ready to buy–no pressure!

Fixer-uppers appeal to a wide variety of homebuyers—investors looking to cash in, first-timers hoping to score a bargain, and ambitious DIY-ers looking for their next project.  The hunt is half the fun when buying your next home, but there a few key things to keep in mind when considering properties that may need a little more love.

Pretty Is As Pretty Does

Don’t get too attached to a property because of it’s appearance. As easy as it is to overlook a home for cosmetic defects, it’s just as easy to let a pretty staircase or original hardwood floors distract you from more serious problems. Try to evaluate the house based on structural issues and the state of it’s major systems first!

Location, Location, Location

Everybody knows the old adage but it’s especially true for fixer-upper properties. No amount of time, work, or money can change a home’s location.  A good way to evaluate a home’s neighborhood is to visit the area multiple times at various hours. You’ll be able to better discern the local culture and neighborhood activity from multiple visits than just the snapshot you’ll see from a showing.

How Much Is This Really Going To Cost?

Look for properties with sound structural components and foundation. An appealing floor plan with minimal remodeling necessary is going to give you the best return on investment. Cosmetic fixes like new paint, lighting fixtures and flooring are generally cheap and usually DIY-friendly projects.

Structural issues, plumbing and electrical fixes are much more difficult and expensive. Unless you’re great friends with an experienced contractor or have plenty of money to invest in the home, it’s best to steer clear of homes needing more extensive renovation and structural alterations.

Consult a Pro

Even if you’re planning on DIY-ing every little part of your home’s remodel, it’s always wise to have the number of an experienced general contractor in your pocket in case you get in over your head! They will be able to help you understand how much work (and how much money!) a particular home will require to bring it up to code or drastically remodel it.

If you know you’ll be contracting out at least some of the work, it would be extremely helpful to have your contractor visit  potential properties with you to give you an estimate. This information will be invaluable to you when you’re deciding between various properties.

Age Isn’t Always Just a Number

Keep in mind that homes over 50 years old are likely to have similarly aged plumbing, electrical, heating, and other systems. The home may also be too outdated or have too many code violations to be a sound investment. Will you be able to recoup all the costs you’ll have to put into the home when you sell?

Ask Your Realtor

Your local Realtor can be an invaluable resource, particularly if you’re new to fixer-upper properties. They see tons of homes a day and are intimately familiar with the various neighborhoods in their area. Not only will they be able to help you identify homes that have potential, they’ll be able to to give you great ideas about how to increase the property’s value after closing and recommend reliable contractors! Whether you’re still in the dreaming phase or looking to make an offer, talk to any of our awesome Coldwell Banker Elite agents for more information on potential fixer-upper properties.