Tips for buying and selling a fixer-upper home
Category General News
If you're on the hunt for a bargain, buying a fixer-upper home is a great choice. When you have the time and resources, a diamond-in-the-rough home can become a fantastic home or investment, showing your unique vision. On the flip side, you may need to sell a home that isn't quite move-in ready. There's still hope as intrepid buyers could see past the flaws and embrace the potential your home holds. This guide will help you take the challenge by the horns whether you're looking to buy or putting up your fixer-upper home for sale.
Tips for buying a fixer-upper home
When done right, buying a fixer-upper can be a rewarding and profitable experience. Here's what to do first so you can make a sound investment:
- Create a budget: Before you even house hunt, you need to set a budget. Be clear about how much you can put towards buying a fixer-upper property and how much you can afford for renovations. Even with the best budget, you'll also need to give yourself some wiggle room for unexpected expenses.
- Be prepared for the challenge: Home improvement TV shows provide a very glamorous take on the process. However, you will likely need to roll up your sleeves or manage the process. You should make sure you have the time, money, energy, and support of your family before you step up to a project like this.
- Research the area: Location is key; you should look for a fixer-upper in a fantastic location as you can change the home but not the surrounding area. A good fixer-upper might boast beautiful views or be close to schools, healthcare, shopping centres, restaurants, special attractions, and other amenities that make for comfortable living.
- Invest in a home inspection: A good way to tell if a fixer-upper is worth it is by having a professional assess your potential home for defects or safety concerns. Structural issues and pest infestations, for example, can be pricey aspects to rectify, so you should get this checked to prevent future disappointment.
- Bring your team together: Behind every successful fixer-upper project, is a team that has helped make the property a success. Look for reputable contractors who have experience with revamping properties that aren't in the best shape. Also, don't underestimate the support of a property practitioner who can help you find a worthy option and negotiate a good price on a property you're interested in.
No two fixer-upper homes are the same. As with any investment, it pays to gather information and plan smartly.
Tips for selling a fixer-upper home
When you have a property that's rough around the edges, it can feel overwhelming trying to get it off the market. There's no need to panic - you can sell your fixer-upper home and it's very possible to make a profit.
- Have a valuation done: With the help of a qualified property practitioner, you can get a valuation done that will provide important insights into your home. A report will give you an estimation of your property's current worth, suburb trends, and comparable sales in your area that will help you pinpoint an appropriate selling price.
- Price your home to sell: A fair asking price is one of the fastest ways to sell your fixer-upper home. While you will want the highest possible price, remember to factor in the current condition of the property and the work it will take to improve it. Manage your expectations and you'll reap the rewards.
- Spruce up your home: By ticking off minor repairs and changes, you can make your fixer-upper feel like a less overwhelming proposition for potential buyers. Some quick and easy changes can include deep cleaning, decluttering, attacking mould and mildew, replacing old or leaky faucets, painting water-damaged or flaking walls, and caulking. You can also boost your home's curb appeal by mowing the lawn, cleaning roofs and gutters, planting flowers, and repairing fencing.
- Be savvy when marketing: Don't be daunted if your home is in a poor condition. A property practitioner can showcase your property with attractive photographs, enticing listing descriptions, and artful staging. He/she will expose your home to buyers across platforms and help them see the potential it has to offer from the location, and potential resale value, to unique features or design.
- Disclose any defects: Your fixer-upper is going to be far from perfect. However, you will still need to be honest about the condition of the property. Providing a home inspection report can show buyers what they're dealing with and how much they will need to invest. This will also ensure the transaction isn't derailed if excessive damage or issues are uncovered at a later stage.
Just because your home may not have the sparkle of surrounding properties doesn't mean you have to take a hit on returns. Your home can still be sellable and the right property professional can make it happen.
Find fixer-upper success
Kellaprince Properties is here to help on your property journey. Our experienced team will ensure you find your feet when buying or selling a fixer-upper home. View our properties for sale or list your fixer-upper home with us today.
Author: Kellaprince Properties