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University Hills Real Estate: Your Guide to Purchasing a Fixer-Upper

August 29, 2018

Given the popularity of television shows on home improvement stations, buying a fixer-upper is something more and more people are willing to do. While it may look easy on TV, the truth is that buying a fixer-upper can be wrought with challenges—unless you know how to do about it properly. Since you can get a fixer-upper below neighborhood market value, this is a very attractive option for home buyers looking at University Hills real estate.
The advantages are clear:
  • In this competitive real estate market, you will probably face less competition since not everyone is ready, willing, or able to deal with a fixer-upper.
  • Your potential for resale profit is high.
  • You will learn—a lot!—about home repairs and about how to properly maintain a home.
  • You can have fun putting your own touches into a home. (Are you a fan of HGTV’s show “Fixer-Upper”? Here are some tips for bringing Joanna’s style into your home.
  • You will derive much personal satisfaction once the project is completed, and you can enjoy the fruits of your labor.
Let’s take a look at how you can make sure you do it the right way.

What to Look for in a Fixer Upper Home

Many homebuyers—first-time buyers, in particular—cannot look at a home and see past its imperfections to its potential. You need to be able to look at the bones of the house to see what is correctable.
Other items of importance:
  • The location. You want to buy an ugly house in a good neighborhood whenever possible. Take a look at how well the surrounding homes are maintained. Are they primarily owner-occupied? This will have an impact on resale.
  • The configuration. A two-bedroom home with one bath is not going to be as attractive to buyers in the future as a three-bedroom home with two baths—or a four-bedroom home, and so on.
  • The layout. If the layout doesn’t flow, you might end up taking down or moving walls, which may or may not be practical given your budget or level of expertise. Homes with bedrooms on two different floors probably won’t appeal to buyers with children. Homes with a choppy floor plan won’t appeal to as many buyers in this open-concept era.
  • The condition. If the house needs extensive work, such as a new roof or a new HVAC system, this can add a significant amount to your rehab budget. Cosmetic needs, such as painting and flooring, are more affordable—and easier for the do-it-yourselfer.

Estimating the Costs of Repairs

Be realistic about your budget when approaching the purchase of a fixer-upper. There are easy fixes—and there are fixes that will cost you more because you will probably have to hire professionals.
Easy fixes include items such as:
  • Patching walls and painting
  • Putting in new flooring
  • Installing new fixtures
  • Replacing toilets
  • Putting in new baseboards
Fixes that will run you quite a bit more money include:
  • Taking down or moving walls
  • Reroofing
  • Replacing the HVAC system
  • Remodeling kitchens and bathrooms
  • Replacing all plumbing or electrical systems
If you’re ready to move to a great neighborhood, such as University Hills, Elevation Realty can help. The University Hills area is great for singles and families—especially if you are interested in purchasing a fixer-upper. Whether you want to make your purchase your home or if you plan to flip the property, we can help you find the ideal University Hills real estate. Contact the Elevation Realty team when you are ready to find the right fixer-upper property or give us a call at 303-579-3566 to begin your search.