5 Important Things to Consider Before Buying a Fixer-Upper Home

Purchasing a fixer-upper property can be an exciting and rewarding experience. HGTV is filled with programs of amateurs knocking down walls and tiling bathroom floors. The fact is that this is much harder than it looks and before diving headfirst into this kind of project, it’s critical to consider whether you are prepared for the venture.

5 Important Things to Consider Before Buying a Fixer-Upper Home

1. Financial Planning – The first step in buying a fixer-upper home is to establish a realistic budget. Include the purchase price, repairs costs, and any expected expenses for renovation or restoration. Once you have created a “known” list, then add extra for unexpected issues that will arise.

2. Time and Effort – Renovating a fixer-upper takes time and effort, even if you hire a general contractor to oversee the project. Consider the overall scope of the project and evaluate your skills and level of time commitment.

3. Structural Condition – Before making an offer, thoroughly inspect the property’s structure and foundation. Recognize the impact of any issues uncovered and make sure to budget for the proper corrections.

4. Real Estate Market and Location – Even a beautiful home in a terrible area is a bad investment. Consider such factors as property values, market trends and the potential for future appreciation. Work with a financial planner to make sure the investment fits your long-term goals.

5. Legal Considerations – Before writing the offer, familiarize yourself with local building codes, permit requirements, and zoning regulations. Ensure the changes you anticipate align with local requirements.

Purchasing a fixer-upper home can be a wonderful investment and worthwhile project. By evaluating your budget, time commitment, property condition, and potential appreciation, you can be sure to choose the right situation for your goals and experience

Have You Hired the Wrong Agent?

Just the title of this article will make professional real estate agents cringe because they have heard it before. While most agents offer strong and vigorous representation, occasionally sellers run into one that just isn’t meeting the expectations. The good news is that even if you’ve signed a contract with one of these agents, you may not be stuck.

The first step is to realize that you picked the wrong agent. Ask yourself:

· Is my agent properly marketing my home for sale?

o Did they use professional photographers, videographers or drone providers? o Is my home listed on all the public search websites?

o Are they holding open houses for the public and real estate agent showcase?

· Did my agent offer a complete market analysis?

o Did you see comparable properties that sold recently?

o Are you priced competitively?

· Does your agent respond quickly to other agents and to you? ·

How often do you hear from your agent? A couple of times a week should be the minimum.

· Do you get quick feedback after a showing? Most importantly, do you still have questions that are still unanswered by your agent?

If any of these questions sound familiar, you may have hired the wrong agent. Good news though, you have options. Immediately contact the managing broker for your agent – they can be found in the office where your agent works. Explain your concerns and ask for help. Your contract is with the brokerage, and not the specific agent. They may reassign your listing to another agent or may cancel if it makes sense.

If you suspect you’ve hired the wrong agent, talk to the broker and resolve the issue as quickly as possible. Wasting time can only cost you money.