Buying A Fixer-upper? Avoid These Common Mistakes

By Author: Alford Brian
Total Articles: 7
Comment this article

It happens all the time—people in the market to purchase a home walk by a classic fixer-upper and are pulled in by the “for sale by owner” or real estate sign in the yard. You’ve probably heard some really terrific stories about people buying fixer-uppers and having great luck renovating them and turning them into gems. But there are a lot of awful stories about poor souls who purchase fixer-uppers that turn out to be nightmares. Read on to find out about the top mistakes that people make when purchasing a fixer-upper home.

• Skipping a home inspection
The former owner or the owner’s real estate agent promises you that the house is in great condition—it just needs a little TLC. While this could very well be the case, it’s always important to get the house inspected so that you’ll know exactly what you’re dealing with. There could be costly foundation damage or problems with the house’s roof—these two areas of the house are what end up being the most expensive when it comes to take care of issues.

• Not having enough money to get the job ...
... done
It could be a matter of not being able to get financing, or perhaps you come to find out that the repair expenses are much more than you first expected. Whatever the case, not having the money to make the necessary repairs is one of the biggest mistakes that people make when they purchase a fixer-upper. To avoid this mistake, be sure to get the house inspected and then get a fixed price bid from a contractor (or various contractors, depending upon what all needs to be done) to ensure that you fully understand how much your fixer-upper is going to cost you. At that point, you’ll be able to make an educated decision regarding whether or not you can afford the house.

These are the top two mistakes that home buyers make when they make the decision to purchase a fixer-upper. What other mistakes can you think of?