Just about anytime is a good time to buy a fixer-upper, especially if you acquire the property for a lot less than everything else around it. Unlike other residential properties, fixer-upper prices aren’t as reliant on the temperature of the local real estate market—be it hot, cold, or neutral. The secret to making the right investment is choosing the right property the first time, getting the place checked out by a host of specialized inspectors, and learning how to evaluate the repairs it needs.
The perfect fixer-upper is the home that everybody will want in the future, but nobody wants it right now. Many imperfections that turn people off—peeling paint, worn carpets, or dated fixtures—are easily correctable. Blemishes are tough to see past, and those homes often languish on the market since most homebuyers, especially first-timers, demand a turnkey, move-in-ready home in pristine condition.
Remember, if you make a purchase offer for a fixer-upper at the right price, you start making money the day you close. And that’s even before you consider the potential for big resale profit. The time to think about selling is the day you buy, especially if you have no immediate plans to move.
Another vital point to remember: Not all fixer-uppers have potential. Whether a particular ugly duckling house can turn into a swan depends on several factors, like location, layout and condition. Would you like to learn more about these factors, click here.
Are you considering of buying a fixer upper? Contact us now and we will help you!