Who Should Not Consider a Fixer

It's important to understand at the onset that if you're going to buy a fixer, even if you get it dirt cheap, it's going to cost you time, money, and effort to renovate it. It would be a mistake to buy such a property thinking you can simply move in as you would a house that's already in perfect shape.

If you're the sort that looks at homes and tends to like those that are "ready to go," then chances are you would not be happy with a fixer. In fact, you'd probably walk away from a perfect "fixer" steal simply because you wouldn't recognize it.

Recognizing a Fixer

As suggested previously, fixers run the gamut of those that simply need cosmetic work to those that are in such bad shape they need to be "scraped" (demolished) and a new house erected from scratch.

While most of us would prefer to stay closer to the cosmetic realm, where cleaning, painting, and replacing fixtures is about all we'd be called upon to do, the big discounts come from properties that have more serious problems. For example, at the more serious end of fixers are homes that have broken foundations, that have collapsing roofs, that have been condemned because of fires or ground shifting, that are sliding down hills and on and on. Homes that have problems this serious will obviously come with a strong discount. Indeed, you may be able to pick up the property for just the cost of the land. In some cases, that's less than half the price for a home in good condition.

0 0

Post a comment