HGTV has built an empire selling viewers on a rose-tinted view of purchasing a “fixer-upper” property, either with the prospect of living in a DIY dream home or flipping it for a profit down the road. But out here in the real world, sometimes deciding to save some cash by investing in a property in need of some TLC can be a daunting idea. But, with a little elbow grease, you can find the potential beauty in the heart of what might be a currently beastly house.
Look for Attractive Features
It’s easy to let what’s working in a house be overshadowed by what isn’t. An outdated kitchen might not have the stainless steel appliances of your dreams, but it could have cute built-ins or original hardwood floors. Make sure to look for interesting features in the home—you can’t buy character, after all! Many fixer-upper properties are older, and while age does come with a certain list of up-keep issues, they also might have good bones or architectural elements that newer homes lack. Or, even if the house is less than optimal, it could have a large yard or be situated in a good neighborhood.
Know the Flaws
While it is important to keep your eyes peeled for what’s redeemable about your fixer-upper property, you want to know exactly what you’re getting yourself into. Be frank with your real estate agent and make sure that there is a thorough inspection before buying the home. Investing your time and energy into a fixer-upper to live in or flip can be an immensely rewarding experience. However, if you don’t have a clear picture of what you’re taking on when it comes to renovations, you could find yourself staring down a dreaded money pit.
Get a Reasonable Price
When purchasing your fixer-upper, you’ll want to make sure that you’re getting a fair price. The last thing you want to do is pay top dollar for a home you know you’ll be renovating in the near future. By working with your agent and the current home owners, and using the results of your inspection, bargain the price as low as you can. After all, the less you spend on purchasing the property now, the more you can put into redoing the upstairs bathroom later.
Make a Plan
Congratulations! You are now the proud owner of a fixer-upper property. But be careful: it is easy to get excited and start too many projects at once, like some kind of DIY whirlwind. This will lead to new homeowners becoming overwhelmed: with so many projects half-done, it can feel like nothing will ever be complete. Make a list of everything you’d like to do with your new home: updating the kitchen, painting the walls, etc. Come up with a plan of attack and stick to it.
At HelgesonPatzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.