Buying a fixer-upper can be tricky. While some fixer-uppers are quick fixes and require few repairs to get them back into shape, some fixer-uppers are more trouble than they’re worth and will require a lot of time, effort, and money to get them back into their original condition. If you are considering purchasing a property that needs a lot of care to restore it, you should know these three things before buying a fixer-upper in South Carolina.
Does the House Inspection Reveal Major Damage?
Fixer-uppers might have serious damage that will require thousands of dollars of repairs in the future. Inspect every area both inside and outside of the house when you first begin taking a look at it as a potential property investment. Some major areas include the structure of the house, the foundation, the roof, the electrical system, plumbing, the heating system, and each of the doors and windows. You don’t want to purchase the house to find out that you have to pay for something big such as repairing the foundation.
Once you’ve seen each area, get an estimate on how much it is going to cost to repair the areas that need help. If the repairs exceed your budget, purchasing a fixer-upper is not in your best interest. If you do have room in your budget, however, make sure that it gives you enough extra money to take care of any unforeseen circumstances during the repair process as well.
Does the Interior Have Big Issues?
Your next focus is the interior. Some houses will be run down with broken windows, stained carpets, and damage in the floors that will need immediate repair. However, some may only have minor damage in these parts. You always have the option of doing it yourself. However, you could always hire someone to do it. For example, you could always hire someone who installs window blinds in Charleston or reach out to Palmetto Carpet and Floor Coverings for tile and carpet replacement.
Consider Whether You Will Live in the House or Rent It Out
Some people will purchase houses that are fixer-uppers for cheap so that they can do repairs themselves and then live in the house once it is finished. Others may purchase a fixer-upper so that they can repair it and then rent it out to others for a passive income stream. If you don’t feel like living in the home after it is finished, make sure that you have all the proper paperwork and licenses filled out beforehand so that the home will be ready for renters once you have repaired anything. To make it easier for people to rent out your house by providing resources such as free rental applications and free credit checks to provide them with extra incentive to move in.
Fixer-uppers are sometimes great deals, but determine ahead of time what the problems are and what it will cost to complete the repairs. If you are looking into purchasing a fixer-upper on your own, use these tips to make sure that you are making the right choice and to help you make the repair process easier.