Purchasing a Fixer-Upper

Purchasing a fixer-upper -

Not every home offers you the option to just purchase and move in, many homes merely require some TLC. Here's a few tips on what you should look out for when purchasing a fixer-upper home;

Cosmetic improvements

Ensure that the property does not require too much of an outlay of cash to improve the home. Total the estimated expenses for repairs and consider these in the total cost of the property.

Increase in market value based on the location

Refurbishments to a property will increase the value by default, however the location is something that can't be changed. Ensure a good neighbourhood before purchasing a property. Research the market to predict whether the values in the area are likely to increase in the future to therefore lend more financial potential to your investment.

Serious Defects

Employ the services of a professional contractor to inspect the home for any serious structural defects which cannot be repaired