Handyman Specials and Fixer uppers – Are they good investments?
There are many types of homes to purchase, brand new homes all perfect is what we dream about. But some of the best Buffalo homes may be less than perfect. Shriveled plants, weeds, wallpaper needing removing, peeling paint, or a cracked driveway are problems that sellers must often fix before their house goes on the market. Buyers often cannot see beyond these negative factors. These homes have the potential of being a great way to make money quickly on as an investor.
Read Also: UB Area Real Estate Market Report
Purchasing a home that you expect to turn around and sell there are important things to consider:
Purchase Price
What you pay for the home will impact your future profit.
Renovation Expenses
You need to understand what the “fix up” costs will be. Allow for the unexpected repairs that even a home inspector may not discover.
Carrying Costs
The costs that you will have to pay while you own the home. These include: utilities, mortgage, taxes, and insurance.
Anticipated Resell Price
How much will your home fetch once it is ready to be resold? Is the market stable enough to come up with a reasonable price? A real estate agent can help you “guess” the price, but you won’t know what the market will bear until you put the home on the market.
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Handyman specials and fixer upers can represent a great way to get a bargain on a home. If you’ve watched the home flipping reality TV shows lately, you’ll be aware that these homes need work; you’ll need to create a realistic budget ahead of time, and you’ll need to leave yourself some ”wiggle room” in your budget.
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
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All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
