Ways to Make Buying a Fixer-Upper in Cape Coral, Florida Worth It
Before buying a fixer-upper, consider these tips to ensure this option is right for you, and planned renovations prove profitable.
Schedule an extensive home inspection
Houses that need work may contain structural or cosmetic concerns, so it is important to know what elements need to be fixed in order to work those costs into your budget. Invisible upgrades can be expensive fixes that don’t always increase a house’s value because they are naked to the eye of a potential homebuyer.
Request an estimate from a contractor
Based on an assessment by a certified contractor, determine how much money you’ll need to set aside for desired upgrades.
Know what you’re getting yourself into – both financially and personally
When buying any house, it is important to stay afloat and avoid swimming in debt. Fixer-uppers aren’t just hard on your wallet.
Don’t over-improve for the market
Once the renovations start rolling, you might not want them to stop. Designing your dream home is tempting, but only if the housing market will reimburse you for your efforts.
Stretch your money
Forgo expensive wooden kitchen cabinets in lieu of higher quality countertops. Prime features of a home (luxury work surfaces, flooring, appliances, lighting) hold their value more than cosmetic fixes (paint, cupboards, carpet).
Here’s the catch…
Remember that people’s tastes vary, so pull back on any customization that might discourage potential buyers.
Renovating is an excellent opportunity to try do-it-yourself projects. Simple changes like paint colour or swapping cabinet hardware are easier ways to be involved in your renovation and can also save you on labor costs.
Have fun! This could end up being a VERY profitable endeavor for you. Whether you keep the property as a landlord or resell to a family, you may end up starting a career that you love!
Ready to pick up your first deal? Check out our properties!