A fixer can be the greatest investment you will ever make, or it can be a huge disaster and money pit. Fixers are great as they are not contingent on the conditions of the real estate market. Any time is a good time to buy a fixer. Lower sales price, less competition (not many people want to buy fixers), and the infinite potential for re-sale.
What should you look for in a fixer? Here are a few suggestions...
Location. You have heard this time and time again. Always remember this valuable piece of advice! Buy the fixer in a desirable neighborhood, with good schools close by, it will make it easier when you go to sell the home. Configuration. How is the house set up, are the bedrooms separated, kitchen on the main floor, etc.? Layout. Is there an open floor plan? If not this may involve knocking down a few walls to create the space that most buyers look for. Lastly, consider the condition of the fixer. Will you be able to handle everything that will have to go into the fixer, or will you be biting off more than you can chew?
Fixers are often priced to sell with motivated sellers.
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