Fixer-upper Home Buying "bones And Beauty" Fix Or Nix?

By:


Purchasing a "fixer upper" can be an exciting prospect. Whether it's an estate sale or a foreclosure, there's a thrill in the prospect of turning a neglected property into a pristine home. However, before you take the plunge into this type of investment there are some factors to consider in determining if it's going to be a money pit or an opportunity to turn a profit.

Two basics elements to investigate when purchasing a property are the 1. Bones and 2. Beauty. Bones refer to the structure and mechanics of the house. Beauty refers to the cosmetic surfaces.

First, examine the bones. Most important, is the state of the structural beams such as sills, joists and the foundation they sit on. Structural damage can be costly and require extensive time dipping into the profitability of the project.

When studying the bones, you will want to ask questions such as, what is the age of the roof. What is the condition of the heating system and the state of the electrical wiring? If the bones are in need of repair consider the qualified contractors needed to complete the jobs.

If you have family or friends that possess the skill to perform the projects, be sure to obtain the proper permits necessary to undergo renovations. A trip to the town hall will help you plan the steps to your palace.

You will observe the beauty upon first inspection. Wall surfaces, flooring and fixtures are the beauty. If these items need repair they may seem uncomplicated at first glance. Typically, buyers feel confident to take these projects on. However, even the smallest project requires preparation and skill.

Determine the degree of the job. Does it require a total re-do or can you make touch up's to bring the space back to its original splendor? Visit your local hardware store to get costs for materials such as paint, tiles and flooring. Books and t.v. programs can also help outline the project for you.

Obtaining accurate estimates of the projects will be vital in the ability to produce revenue. You will want a quote for any labor required from licensed contractors. Create a material list to figure those numbers into the investment.

It's important to do all your number crunching to evaluate the true cost of "fixing up". Once you've determined the bones and beauty of the property you will be on your way to the thrilling experience of renovation!


About the Author:
Holly Powell, Prudential Connecticut Real Estate Agent and Steven Penny author of Hiring The Best People writes on the best places in Rhode Island to live. If you are looking for Homes for Sale in Rhode Island please visit http://www.Prudentialct.com



Article Originally Published On: http://www.articlesnatch.com


|

Loading...
Related....
Videos...

Recent Home-and-Family Articles

Comments

Still can't find what you are looking for? Search for it!

Loading

Copyright 2005-2011 ArticleSnatch, LLC - All Rights Reserved.
Privacy Policy | Terms of Service.