So I found a foreclosure fixer-upper that is pretty close to our dream style. A bit to close to the city for my tastes, perhaps, but life is about give and take, right? So... any pointers on easy to miss thing to look for?
No lead pipes, decent roof, good foundation. Septic system or city sewer? If septic system, look for wet, soft, stinky spots in yard. Well or city water? Wells can get expensive, as can septic systems.
Gas or electric? Hot water tanks are easy to replace, furnaces get expensive.
If theres metal siding make sure theres no asbestos shakes hidden. Look for signs of water damage and mold.
Thats all i got.
Gas or electric? Hot water tanks are easy to replace, furnaces get expensive.
If theres metal siding make sure theres no asbestos shakes hidden. Look for signs of water damage and mold.
Thats all i got.
Leaky roof. Cinder foundation in complete colapse. Plumbing installed by a person who didn't know anything about plumb or level.
.Also, have a preist come in and exorcise the demons from this ramshackel soon to be happy home.
I envy you, Brian.
.Also, have a preist come in and exorcise the demons from this ramshackel soon to be happy home.
I envy you, Brian.
Sheetrock, paint,carpet. tile/wood floors can make it beautiful.
. OH and make Sure the title is clear , I got into one that was a nightmare. The abstract, or if you know someone that can search , is well worth the money.
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.
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.
Best advice i can give is finish as many projects as you can before you move in. Once you're living there, it's hard to get motivated to finish. I've had all the supplies to redo the bathrooms for about 2 years and still haven't gotten around to it.
Are we the same person?
Another thread to read:
http://www.okshooters.com/showthread.php?109361-Buying-your-first-house
http://www.okshooters.com/showthread.php?109361-Buying-your-first-house
It'll always end up costing twice as much as you plan on spending.
Home Depot should roll out a red carpet and hand me a cup of coffee every time I walk in, for as much as I've spent there.
VM- if you jump into your own money pit, the biggest favor you can do for yourself is to do ALL OF THE WORK BEFORE YOU MOVE IN.
I, somehow am incapable of learning this important lesson.
Home Depot should roll out a red carpet and hand me a cup of coffee every time I walk in, for as much as I've spent there.
VM- if you jump into your own money pit, the biggest favor you can do for yourself is to do ALL OF THE WORK BEFORE YOU MOVE IN.
I, somehow am incapable of learning this important lesson.
Neighborhood looks good. Ask price is ~40% of normal sale price from what I've looked at.
The plan is to only consider it if the roof is good. Windows need replaced. And we want to tackle interior work one room at a time because we don't need all of the rooms and we can't do the entire thing at once but we will be there at least 10 years.
The plan is to only consider it if the roof is good. Windows need replaced. And we want to tackle interior work one room at a time because we don't need all of the rooms and we can't do the entire thing at once but we will be there at least 10 years.
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