If you're a DIY-enthusiast in the market for a new home, it may be beneficial to learn how to get a fixer upper. Fixer-uppers have low purchase prices because they require major repairs, whether structural, aesthetic or both.
Fixer-uppers are also a popular choice for those wanting to flip properties for profit in the marketplace. So, how do you go about finding and buying a fixer upper house?
The first thing to do when thinking of buying a fixer upper house is determine whether you can actually afford to make the necessary improvements to the home. Create a detailed list of projects, and include estimates for materials and labor. If you need a contractor, get multiple quotes to compare rates.
Regardless of the home's condition, you'll likely need a mortgage. The Federal Housing Administration (FHA) offers different types of rehabilitation or remodeling loans to consider.
With this type of financing, you can both purchase the home and save money in an escrow account for future repairs.
A real estate agent can help you not only find the right fixer upper home, but offer valuable advice on improvements to prioritize. We may also be able to recommend professionals in our network, such as contractors and home inspectors.
If you plan to fix-and-flip your project home, it's crucial to keep a close watch on the local market. Consider the amount of money you plan to put into the home compared to the purchase price of similar homes in the area.
This can help you avoid overspending and ensure you place your home for sale at the best possible time.
Is a fixer upper right for you? Keep these tips in mind when beginning your home search, whether you plan to customize your dream home or make a big profit.
Nicolette is a full-time licensed real estate agent working with residential and commercial buyers, sellers, and renters. Growing up in Eastchester, graduating from Marist College and branching out to Manhattan before returning to her roots has created deep ties to Westchester while understanding what a NYC buyer wants when relocating to the suburbs.
Bringing nearly a decade of extensive experience in sales, interior design, marketing, and customer service from her Manhattan career while working with esteemed companies such as Elle Décor Magazine and various companies under the Herman Miller brand, Nicolette encompasses an effective fusion of suburban warmth and city tenacity. Her enthusiasm for helping others combined with her determination to close deals helps her simultaneously connect her with clients on a personal level while conducting business in the most professional of ways. It’s this connection that leads to a seamless and successful Real Estate transaction.
When not working, Nicolette enjoys spending time with her family, friends, and puppy. Professionally, she prides herself using those same personal values of loyalty, honesty, attentiveness, and being detail-oriented. She values all client relationships and makes it her goal to provide exceptional service and guaranteed satisfaction. Her intimate knowledge of the area, having lived in Westchester all her life, gives her enthusiasm and a desire to make her home, your home.
In July 2015, Berkshire Hathaway Home Services (BHHS) acquired Tri-Crest Realty and Prudential Centennial Realty and has been one of the most successful offices in lower Westchester County since 2000. With over 1,800 Realtors in 55 offices in the Northeast and 51,600 agents in 1,600 offices in 47 states nationally, BHHS is the #2 company in Barron’s ranking of the world’s most respected companies; ranking #3 in Fortune Magazine’s 50 Most Admired Companies survey.