Facebook
Twitter
Pinterest
Copy Link
Whether it's a starter home, an investment property or simply a fun project, buying a house in need of some TLC requires a few special considerations:
1. Purchase a home that is at least 30 percent below the market value of comparable homes in the neighborhood.
2. Choose a location with a low crime rate, good schools and quiet streets. A poor location cannot be cured.
3. Choose a house with 3 or 4 bedrooms . . . smaller homes won't attract as any buyers.
4. Avoid homes that need major, unprofitable repairs like wiring, major plumbing, foundation, major kitchen/bathroom renovations. Spending money on these basics doesn't add value, however, buyers will expect them.
5. Find a home that need profitable cosmetic improvements – fresh paint inside and out, updated light fixtures, new floor coverings and fresh landscaping.
6. Don't buy a house that is more than an hour from your current residence since you'll be visiting it every day while the renovation is being done.
7. Time is money . . . make sure that the seller or tenants will vacate immediately upon transfer of title.
