I stumbled across a new (to me, at least) blog on Greenwich real estate just now, “Inside Greenwich Real Estate”. The post I saw was on fixing up houses and it seemed better written than I remember the agent/blogger as being capable of, so just out of curiosity I copied the first few paragraphs and dumped them into Google. Lo and behold, the exact same article, word for word, was first posted by a Syracuse blogger, Chris Gmyr, where it was picked up, and credited, by Trulia.com. Trulia did it right; this guy did not. Here’s what I searched for: see for yourself:
Americans love a good deal. We also, if the popularity of HGTV and DIY cable channels are any indication, love the idea of being able to fix up our homes with minimal professional help. Buying a fixer-upper can be a great way to save a little money, and have the chance to make a neglected home into your dream home. But it’s not for everyone. Before you purchase a fixer-upper, here are a few things to keep in mind.
The first thing to consider is how fixable the home really is. Some things (such as location or the size of the lot) can’t be changed. Other things, such as foundation or major electrical problems, can be fixed, but they are very costly and don’t offer a lot of improvement in the resale value. An ideal fixer-upper doesn’t require thousands of dollars worth of work that will go largely unnoticeable; look for a home that can be improved with a few coats of paint, a few new appliances, and some drywall repair.
What will the total cost of the home be? This is an often over-looked aspect of buying a fixer-upper; by the time you buy the home and do any renovations it requires, you may very well have spent considerably more than market value for the home. If the home is your dream home, and you don’t plan on selling for a very long time, that might not be a concern for you. However, if you are hoping to regain the cost of any repairs, and then make a profit on top of that, you need to consider what the home may actually sell for.
