With so many DIY shows out there, home remodeling tips and experts to help, many home buyers including first-time home buyers are looking for fixer-upper homes. When a listing use the term “fixer” homebuyers should be warned; this usually doesn’t mean just a few cosmetic touches here or there are such as paint or even new flooring. The term fixer upper is used primarily with homes that will need some serious renovation or TLC before he can even be livable. This could mean that appliances are missing, plumbing or wiring is severely damaged or the home simply is not up to code.
Now, this is not to say that these homes are a death trap and homeowner should stay far away from them, but it does mean that you should be aware of what you’re moving into before signing on the dotted line.
Many people are buying fixer uppers not just for investment or flipping purposes but to live in as well. Some recent friends of ours purchased a foreclosure home and knew they needed some time to remodel and renovate the property. They were currently renting so they gave themselves at least two months in order to renovate the home before they moved out. Today is the final day they can be in their rental and even though not everything is completed in the new home, it is move-in ready and livable.
Here are some things to think about if you’re considering buying a fixer upper home in the Scottsdale Arizona area.
Understand that the remodeling project will always take longer than projected. This is hands-down the biggest thing that most homeowners don’t realize. You can project 100 hours on a remodeling project and 10 times out of 10 you will need at least 150 hours or more. Even if you think you are projecting for a longer amount of time, you never know what kind of surprises you might find. Always leave yourself plenty of time for remodeling, any hiccups along the way or problems you might encounter that could add money and time onto your project.
Understand that your list of things to do could get long very quickly. Inspectors can only go so deep and cosmetically, most homeowners can see on the surface what needs to change. However, once walls get removed, foundations get redone and you really get into the bones of the property can you find additional areas of concern. Perhaps there is some dry rot that will need to be replaced; pests or rodents have made nests and ruined wiring or plumbing or other items that you wouldn’t have even thought of during the walk-through can rear their ugly head during this time. Again, this is not to say that it is not a valiant undertaking but being aware of these factors before finalizing can set yourself up for better expectations.
Check all of the outlets. You might be all set up and ready to go with your remodeling project and have your drills, your electric nail gun or painters ready to go and as soon as you plug them into one of the wall outlets you realize they either don’t stay in the outlet or the outlets don’t work at all. This is one of the first things you should check during the inspection and walk-through. Make sure that your outlets work and that the plugs stay in the outlets so that you can get to the construction work easier and faster.
Buying a fixer-upper in Scottsdale usually means of foreclosure or short sale when it needs some serious repair. However, you can usually get a great deal and have instant equity in your home once the remodeling projects are done. If you’re ready to get started on a fixer-upper, foreclosure or short sale property in Scottsdale please give me a call today and I would be happy to send you a customized list of homes that meet your search criteria and price.