Whether you are looking to purchase a house for the sake of flipping it for profit, or you are simply seeking a place to call your own, fixer uppers often present a unique set of benefits to first-time and experienced buyers alike. Naturally, such properties also come with a number of challenges as well. However, if you are wise in your search and are not quick to snap up the first property that catches your eye, you may find yourself in a better position than most real estate investors.
With that in mind, let us take the time to highlight the features you ought to look for in your next fixer upper.
Given the sheer volume of older homes on the market, it is imperative one avoids focusing on its aesthetics and instead puts an emphasis on its bones and foundation. One of the most important elements of a home’s inner workings is, without a doubt, its plumbing. Even one faulty pipe can cause large issues like leaks, floods, and water damage.
Therefore, you should never shy away from asking questions about the home’s structure and integrity. If the real estate agent shies away from providing such information for any reason, you are completely within your rights to step away from the property — and your working relationship — altogether.
While inspecting the integrity of the home, it is also important that you ensure the structure is completely devoid of destructive pests like rodents, cockroaches, and termites, as well as other issues like rot, mold, and lead paint.
If one or more of such issues are discovered, you must keep in mind that you cannot simply resolve them on your own. More often than not, professional mediation is required, especially in the case of termites. So, be sure you do not skimp on your inspection. After all you would not want to discover such problems after your deal has already been closed.
Similar to updated plumbing, it is imperative you confirm the house has a grounded electrical system. Otherwise, you may find yourself faced with the challenge of tearing down walls to make extensive repairs and rewiring. Even if the home’s wiring is up to code, be sure the central system is powerful enough to accommodate the various appliances and electronics you will be utilizing on a daily basis, and consider making updates as necessary.
Clearly, there is more to look for in a home than a floorplan or natural lighting. However, as long as you follow the above suggestions, it is more than likely that you will be setting yourself — and your renovation project — up for long-term success.