Check The Problems Before Buying A Fixer-Upper

fixer-upper fort myersIs a Fixer-Upper for you?  Housing inventory is becoming short in supply and the market offers houses, which are owned by banks. Some buyers are even starting to consider those houses that they earlier would have canned as problems. In many Fort Myers Real Estate properties a pertinent question arises, how much of a property should you take on?

Let's see with latest housing statistics in Real Estate Fort Myers FL to define a clear objective of real estate that's prevalently used but not universally understood.

Problem of repairing & renovation

Purchasing a fixer-upper is rarely anyone's first choice. But with the statistics of the record low inventory of available listings in many markets, allocating a budget for repairing is not at all a bad move. For example, if you plan to buy a Fort Myers Beach Condo and if you are getting it within your budget albeit with some requirement of repairing, it's a not a bad move. According to analysts, trusting your seller to conduct your repairing is not a good strategy. The market is witnessing a tight competition, so it gives leverage to sellers.

Fixer Upper problems to avoid:


However, there are certain fixer-up problems you should walk away from.

Mold: Walking inside the house and if you sniff mold, you should definitely think multiple times or at least ask sellers to clear it before purchasing it. Mold can demand heavy repairing such as an extensive drywall replacement. Exterior mold is resulted due to improper drainage system, which also demands lots of repairing cost.

Foundation: If you find an issue in foundation, tries to make a good negotiation because it will surely drain your bank account to fix it.

Floor plan: A bad floor plan can create many problems such as cramped kitchen, less accessible to the laundry room, bedroom or backyard.

Priority replacement before purchasing old homes.

A bad roof is not a good choice because it will take thousands of dollars to repair it. So, it is among the top of the priorities.

A dead heat and air-conditioning system will take at least $5000 to repair in a fixer-upper . In older houses there is also need to repair the ductwork.

Many old houses have an ancient electrical system, mostly faulty wiring, problematic electrical panels are the cause of fire. Replacing the full wiring is expensive but obligatory so you need to give priority to the electrical system.

Even if you consider a problem house and fix the problems on your own, do your homework first. Check with licensed contractors before you purchase and list down the prices for repairs. Map out a pragmatic approach and fixes timeline for repairing and renovating.

If you think repairing will cost you too much ask yourself whether you can find another fixer-upper house in your budget within the timeline. And if you move into this broken house, can you live in it and fix it gradually. You must understand the fact that home inspection is not the last thing; there might other problems crop in the future and do you have enough fund to handle those things.

See whether your city's planning department has any reimbursement for renovation. You can also check grants, tax rebates or other incentives before buying your house.

About the Author


Dave Sorenson is a real estate consultant with nearly 12 years of experience in Fort Myers Real Estate. He also has written number of articles on Real Estate Fort Myers FL and Fort Myers Beach Condos in different real estate journals.
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