Handyman Specials and Fixer uppers; are they good investments?
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.
Read Also: Commercial Real Estate Investment – What not to do!
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.
About Colleen Kulikowski, Licensed Real Estate Salesperson (716) 650-0051
Colleen Kulikowski is a Licensed Real Estate Salesperson at MJ Peterson specializing in Western New York residential homes who doesn’t follow trends; she blazes new trails and is able to recognize industry trends and implement them to her client’s best interest. Colleen has created a unique following with one of the top local internet positions in the country generating thousands of leads for her team. Real Estate is a second career for Kulikowski who’s first career was in Information Technology and Data Warehousing working for such companies as Radio City Music Hall, Nabisco Foods and as a consultant in the Financial and Insurance industries. A strong background in technology and management provides her with keen analytical and sharp negotiating skills.
Comment
Chris
August 22, 2008 at 1:11 pmColleen, You are right about what a new investor should be considering when buying their first investment property (or “fix n flip”). One thing that should also be stressed is financing. Most areas of the country have seen investment financing dry up. What is left is expensive and requires substantial down payment. A new investor really needs to have his financing option(s) in place before they go out shopping. If they don’t they may find the deal of a lifetime but it’s unobtainable because of financing.
Keep up the good work.
Real Estate News for Western New Yorkers September 16,2008 | Buffalo NY Homes for Sale
September 29, 2008 at 6:28 pm[...] Handyman Specials and Fixer uppers – Are they good investments?» [...]
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October 2, 2008 at 10:22 am[...] Handyman Specials and Fixer uppers – Are they good investments?» [...]
Purchase Investment Property in Western New York | Buffalo Real Estate
May 31, 2009 at 1:40 pm[...] talk about that Good Investment. How much profit you should allow whether you are buying a fixer upper or buying an investment property that is already rented or ready to rent or sell in Western New [...]
Steve
May 27, 2010 at 7:19 amYou post awsome advice for investors!
Walter Carvell
May 31, 2010 at 9:49 amGreat information for investors!
Sandra Cruz
June 2, 2010 at 9:02 amI enjoy your website. This is a cool site and I wanted to post a note to let you know, great job! Thanks Chris
Connie
June 10, 2010 at 8:42 pmWo…Nice Blog, Nice tips, Great article!, I have recently started a blog, the information you provide on this site has helped me tremendously.
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Colleen, You are right about what a new investor should be considering when buying their first investment property (or “fix n flip”). One thing that should also be stressed is financing. Most areas of the country have seen investment financing dry up. What is left is expensive and requires substantial down payment. A new investor really needs to have his financing option(s) in place before they go out shopping. If they don’t they may find the deal of a lifetime but it’s unobtainable because of financing.
Keep up the good work.
[...] Handyman Specials and Fixer uppers – Are they good investments?» [...]
[...] Handyman Specials and Fixer uppers – Are they good investments?» [...]
[...] talk about that Good Investment. How much profit you should allow whether you are buying a fixer upper or buying an investment property that is already rented or ready to rent or sell in Western New [...]
You post awsome advice for investors!
Great information for investors!
I enjoy your website. This is a cool site and I wanted to post a note to let you know, great job! Thanks Chris
Wo…Nice Blog, Nice tips, Great article!, I have recently started a blog, the information you provide on this site has helped me tremendously.