Reading this is a must if you are considering buying a fixer upper home!
There are many fixer upper homes in San Diego that can reduce your cost and allow you to build equity at a more rapid pace. Locating the most motivated sellers of these homes and getting connected to respected service providers will assist you with cost cutting during the process of fixing your new home and will save you money.
Buying a San Diego home that needs to be fixed up can be very rewarding both financially and personally if it is well planned out. Without the proper planning, it can turn into your worst nightmare. Fixer upper homes generally fall into two categories; those that have mainly cosmetic problems and those that have systemic or structural problems.
Homes for sale in San Diego that are cosmetic fixer uppers usually will require things like paint, flooring, minor repairs, and landscaping. San Diego Homes for sale that have structural or systemic issues will require more serious improvements in plumbing, electrical work, roof work, structural repairs, and major remodeling. Most home buyers are fully capable of dealing with the requirements of a cosmetic fixer upper and will gain substantial rewards for their work, but the structural fixer upper has many considerations.
1. How will the project be financed?
2. What will the true costs of fixing the home be?
Without the proper research and written estimates, your home improvement project can be left under-funded and end up with major cost over-runs. These types of cost over-runs are very common in construction but can be avoided with the proper planning
3. Will the necessary improvements require permits and are the zoning requirements appropriate to any planned additions?
4. What timelines are involved?
Time constraints can cause major lifestyle changes if you are planning on moving in before the repairs are completed. Many a marriage has fallen victim to major home improvements and the problems they cause.
5. If you are not planning on moving in until the project is done, can you afford the burden of two house payments?
6. Most important of all. Is improving the home worth the time and money?
After determining the true cost repairs, the fixer upper home must be evaluated with comparable home sales to ensure that there is enough profit or benefit to taking on the project.
HomeSniffer.com is connected with Loan Officers who have access to San Diego home loan programs that make it possible to enjoy the benefits of a fixer upper home even with only a 3.5% down payment.
For more information about how to take advantage of this market before time runs out, complete the form below and we will be in touch with you as soon as possible.