The term fixer-uppers refers to homes or properties that need some updates or repairs. These properties are usually cheap and attract more home buyers who are planning to do a home renovation or make changes so that they can increase its value and get a return their investment by reselling it for a much higher price. “Flippers” is the term they use for people who do this for a living. It means redesign, remodeling, reconstruction, or refurbishments of real estate homes. Fixer-uppers are getting more popular now with lots of TV shows about it.
Fixer uppers are very appealing to buy as they are way cheaper than most homes in Denver, although some of them are not visually attractive. For it to be comfortable for living, a considerable amount of work is needed. Very often its walls, foundations, roof, or the house designs will need to be addressed. The buyer will need to invest time and money to restore it, so its price is lower than the market rate. But once you finally restore the property, you can put it on the market with a more expensive property value.
For any home purchase, a home inspection is an essential part, but especially with a fixer-upper. You can hire professional home or property inspectors so that you’ll know what needs to be repaired. They can educate buyers regarding its condition, the process of discerning repairs, and the estimated renovation costs. You’ll also want to check if you need a permit for renovations as some will require a permit.
This is one of the crucial parts if you’re planning to buy a fixer-upper house. You have to make sure that you can afford the costs of turning it into a space people will desire. This includes the materials you’ll be using, and the contractor’s labor costs. For this, you can do online research and asks contractors for free quotes. Just bear in mind that you won’t probably be able to come up with an exact cost for everything, but at least you’ll have an idea of it.
With the help of real estate agents and home inspectors, you can outline a good strategy that will allow dyou to budget accordingly and see whether the investment is worthwhile.
It’s also good if you can determine which renovations you can do yourself. If you’re handy, DIY renovations or “Do It Yourself” renovations are also good, so you won’t need to pay contractors for those services that you can do yourself.
A fixer-upper is good if you’re wise and you know how to find suitable properties. Then renovate it and sell it at a much higher price as a good investment.
You’ll likely want an agent who can help explain the entire process to you and will show the comps in order to determine which properties are good as fixer-uppers. Scott and Lisa have successfully sold multiple fixer uppers for profit, so can guide you through the whole process.
Call us today and we will help you every step of the way. Why choose one agent when you can get the power of two. We know Denver like the back of our hands: (720) 352-7704 or [email protected].
Scott Jensen, a Denver Native, started his Real Estate career off investing. He owns multiple properties from Mobile Homes to an Apartment building. He has built, developed, and helped many clients buy and sell.
Lisa grew up in Fort Collins, Colorado and moved to Denver in 1999. She loves this city and can’t imagine living anywhere else. Real estate investing is what brought Lisa to be a real estate broker.
