If you’re not afraid of getting your hands dirty, a solid fixer-upper can be a great option for you! Just know what exactly you’re getting into.
Buying a place that needs some work is a great way to get more bang for your buck, meaning more house per dollar you spent. Not all fixer-uppers are alike, just like the people who buy them. So how do you tell if you’re sitting on a moneymaker rather than a money pit? We’re here to teach you the three categories that these homes come in so you know what you’re getting yourself into.
- Cosmetic Fixer-Upper
This kind of house is just one that needs some DIY work. New paint, carpet, countertops, lighting, landscaping and a few new appliances will give a cosmetic fixer the face-lift it needs.
- The Beautiful Ugly Fixer
It may be ugly, but it’s beautiful to you! And that’s why you bought it. Its structure is fine and it definitely has the inner-most beauty. Everything that is right with the house is actually wrong and is going to need more extensive work to turn this into an aesthetically pleasing home.
- The Teardown
This kind of home has even the wrong things go wrong. If a house has structural, geological, foundation, and environmental issues, you may want to consider a different kind of investment. These kinds of houses tend to be more of a money pit than anything else, and then you’ll be left with a space with what looks like a house to take care of and pay taxes on.
Do you want to learn more about how you can take a house and flip it to make a profit? If so, contact Andraya Coulter. I serve the Bay Area and the entire state of California and Texas with quality, suitable, home loans!