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.

If you are the type of person who recognizes a great deal in a fixer upper, you’ll know a great deal when you see one.  Interested in purchasing an investment property?  Call me at (716) 743-5297 or fill out the request form below:

Featured Homes for Sale:

	182 HAMPTON HILL DR. AMHERST, 14221 NY $ 499,900 Built in 2005 2973 sq. feet 3 Bedrooms, 4 Full Baths , 1 Half Bath(s) MLS Number: 325298  (IDX)
	77 CHESHIRE AMHERST, 14051 NY $ 294,900 Built in 1976 2773 sq. feet 4 Bedrooms, 2 Full Bath(s) , 1 Half Bath(s) MLS Number: 337435 (IDX) OPEN: Sun May 24 (1-3)	Enlarge photos Virtual Tour
	101 FOXHUNT LANE AMHERST, 14051 NY $ 239,900 Built in 1972 2862 sq. feet 4 Bedrooms, 2 Full Baths , 1 Half Bath(s) MLS Number: 331577 (IDX)	Enlarge photos
	80 COTTONWOOD AMHERST, 14221 NY $ 164,900 Built in 1961 2107 sq. feet 3 Bedrooms, 1 Full Baths , 1 Half Bath(s) MLS Number: 332618 (IDX)

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Tags: home improvements, investment property, investors
Posted in Buyer Resources, Home Improvement, Real Estate Investors | 8 Comments »