Reply to Thread

Message

<blockquote data-quote="-Pjackso" data-source="post: 2018762" data-attributes="member: 8119">You&#039;ve got some REALLY good pointers so far.My contribution:Please clarify your idea of a fixer-upper.&nbsp; Is your idea of a fixer upper a new coat of paint and carpet? new light fixtures?&nbsp; Maybe a new kitchen?&nbsp; (i.e. cosmetic items)Or are you talking a serious fixer upper?&nbsp; Roof, siding, windows, plumbing, framing, etc?&nbsp; (i.e. structural/functional issues)1) Look at the neighborhood.&nbsp; Is it stable, or in decline?&nbsp; It doesn&#039;t matter if *your* house is perfect - if you&#039;re trying to sell in a bad/poor neighborhood, it will be difficult and the your selling price will reflect it.2) Make an extensive list of ALL repairs necessary to bring the house up to either &#039;complete repair&#039; or &#039;average condition&#039; for the neighborhood.&nbsp; Compare the total repair costs - versus just buying one in move-in ready shape.&nbsp; NOTE!!! If your planning on fixing anything yourself - include materials AND TIME (at contractor rate).&nbsp; That way, you earned equity in the house, or the contractor cost is already budgeted in the buying price.&nbsp; If not, just understand your giving away your life (time) for no return.3) Be realistic with your capabilities.&nbsp; (If DIY)4) Be realistic with the repair timeline.&nbsp; (haha&nbsp; - take your longest estimate x 4 - MINIMUM)Best of luck.I&#039;ve done 2 serious fixer-uppers, ...and I won&#039;t do another.</blockquote>

[QUOTE="-Pjackso, post: 2018762, member: 8119"] You've got some REALLY good pointers so far. My contribution: Please clarify your idea of a fixer-upper. Is your idea of a fixer upper a new coat of paint and carpet? new light fixtures? Maybe a new kitchen? (i.e. cosmetic items) Or are you talking a serious fixer upper? Roof, siding, windows, plumbing, framing, etc? (i.e. structural/functional issues) 1) Look at the neighborhood. Is it stable, or in decline? It doesn't matter if *your* house is perfect - if you're trying to sell in a bad/poor neighborhood, it will be difficult and the your selling price will reflect it. 2) Make an extensive list of ALL repairs necessary to bring the house up to either 'complete repair' or 'average condition' for the neighborhood. Compare the total repair costs - versus just buying one in move-in ready shape. NOTE!!! If your planning on fixing anything yourself - include materials AND TIME (at contractor rate). That way, you earned equity in the house, or the contractor cost is already budgeted in the buying price. If not, just understand your giving away your life (time) for no return. 3) Be realistic with your capabilities. (If DIY) 4) Be realistic with the repair timeline. (haha - take your longest estimate x 4 - MINIMUM) Best of luck. I've done 2 serious fixer-uppers, ...and I won't do another. [/QUOTE]

Verification