Ask 3 Simple Questions Before Buying a Houston Fixer-Upper
There are many reasons first-time Houston homeowners are looking at buying a Houston fixer-upper for their first house. It is easier to make it seem like home because many of the features will be decided by the homeowner. Plus, the purchase price is usually much less than similar homes in the Houston area.
While it is tempting to buy a Houston fixer-upper, it can also be very stressful to live in one during the renovations. To truly decide if a fixer-upper is a way to go, ask yourself these three questions.
Are the Upgrades Easy?
Many people lean towards a Houston house that needs renovations and updates because they can really change it to be their own space. If there is anything that they do not like about the house, they can simply take it out and add in the parts that they like. While this is a great idea, the time and effort that will go into upgrading the Houston house can become overwhelming.
For anyone that does not have any renovation experience trying to renovate an entire Houston home is more than a Sunday project. It is going to be a major headache and a lot harder than it looks. Try to avoid buying a house with problems with plumbing, foundation, or electrical because these will need a professional to finish.
Is a Cheap Sales Price Worth It?
The promise of a cheap sales price can entice many Houston buyers into purchasing a house that is a little worse for wear. This can work if the renovations do not cost too much. If the renovations end up costing a surprise $25,000 it may have been easier to purchase the already updated house down the street.
The value of the property needs to increase with the work being done. If the property is only worth $80,000 and $25,000 is put into it to renovate the property, the value should increase to make a return on the investment. When a property’s value only increases to $90,000 and all of the renovation money is already spent, the investment may not have been worth it. Especially if the house is one that is going back up on the market and not being used as a home for the owners.
When a few simple and less costly renovations need to be done to increase the value, the Houston house can sell for more than what was put in. A potential buyer needs to be careful and analyze the time and money that will be invested in a property before being enticed by a low price tag.
How Long Will the Renovations Take?
There are two different ways a person can use a Houston fixer-upper. Some people want to buy cheap and sell high and others just want a nice place to live when they are done. When renovating to sell it is easier. If it takes time to finish the renovations they are still able to live out of their main property, they are just waiting on the return on their investment.
Many people run into trouble if they plan on moving into the Houston fixer-upper. Some people do not plan for the amount of time it takes to renovate a house. If the renovations are going to stop the homeowners from living in the house they will either need to stay at their current home or even in a hotel.
Always hire a contractor that has great reviews. Getting a good deal on a contract price may lead to heartache. Anyone that is offering too good to be true prices may cheat the homeowner out of money. They could take much longer to finish the renovations, go over budget, or do a sub-par job on the house.
When looking at a Houston fixer-upper many people dream of the house that it could be. A few simple renovations and it will be a great home to raise children and grow old in. Unfortunately, reality often means that renovations can turn out to be difficult, time-consuming, and drain away the bank account. Planning is essential to really get a return on an investment in a fixer-upper property.