Purchasing a fixer-upper property in the Twin Cities and/or in Minnesota can be an exciting and rewarding experience. HGTV is filled with programs of amateurs knocking down walls and tiling bathroom floors. The fact is that this is much harder than it looks and before diving headfirst into this kind of project, it’s critical to consider whether you are prepared for the venture.
5 Important Things to Consider Before Buying a Fixer-Upper Home
- Financial Planning – The first step in buying a fixer-upper home is to establish a realistic budget. Include the purchase price, repairs costs, and any expected expenses for renovation or restoration. Once you have created an estimated list of finances needed, then add extra for unexpected issues that will arise.
- Time and Effort – Renovating a fixer-upper takes time and effort, even if you hire a general contractor to oversee the project. Consider the overall scope of the project and evaluate your skills and level of time commitment.
- Structural Condition – Before making an offer, thoroughly inspect the property’s structure and foundation. Recognize the impact of any issues uncovered and make sure to budget for the proper corrections.
- Real Estate Market and Location – Consider such factors as property values, market trends and the potential for future appreciation. You may want to work with a financial planner to make sure the investment fits your long-term goals.
- Legal Considerations – Before writing the offer, familiarize yourself with local building codes, permit requirements, and zoning regulations. Ensure the changes you anticipate align with local requirements.
Purchasing a fixer-upper home can be a wonderful investment and worthwhile project. By evaluating your budget, time commitment, property condition, and potential appreciation, you can be sure to choose the right situation for your goals and experience.
If you or someone that you know has real estate questions or wishes to discuss how I can help, please contact RE/MAX Results, Shannon Lindstrom, Realtor, at 612-616-9714 or visit www.ShannonLindstromRealtor.com today.
Shannon Lindstrom
Realtor®, AHWD, CREDS, CRS, GREEN, MILRES, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
[email protected]
[email protected]
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
