The housing market is making affordability a big issue for many would be buyers. This can make buying a fixer-upper a lot more tempting. We’ve all seen the home make-over shows with amazing before and afters, but should you do it?
Here are a few things to consider:
1. Know Your Limits
How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while
2. Work Out Costs In Advance
Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely.
3. Check Permitting Costs and Procedures C
heck with local officials to see if the work requires a permit and the permit costs. 4. Be Extra Careful with Structural Issues
If the house requires structural repairs then double check the work and pricing. Hire a structural engineer to do an inspection and if structural work needs to be done make sure your bid discounts this work
5. Include Inspection Contingencies Make sure you hire professional inspectors and check for hidden issues like mold, piping issues, pest damage etc. And if things come up ask for discounts. And if too many red flags come up or the seller won’t properly discount the costs for repair then you may want walk away and keep looking!

Here is a top ten list of questions you should ask before buying a home
1. What is my budget? We mean total budget, not just the sales price. Remember to include property taxes, insurance, any HOA fees, renovations costs and ongoing maintenance.
2. Did I get preapproved? Most realtors want to see that your pre-approved (many won’t even talk to you until you are!). So get preapproved to show you mean business. And we can help! Contact us today for a preapproval letter!
3. Why is the seller moving? This can be useful in seeing how motivated the seller is and can help in negotiating the price.
4. What comes with the sale? Make sure you get in writing what is included in advanced – the washing machine, stove, blinds etc.
5. Is it in a flood or natural disaster area? Make sure you know if its in a FEMA flood zone or other disaster coverage you may need.
6. What is the going rate for houses in the neighborhood? Look at housing prices of other homes sold in the area to get a feel for prices
7. How long has the house been on the market? If its been sitting on the market for a while, that can strengthen your negotiating position
8. How about the neighbors? This is doubly important if you’re moving into an HOA, make sure you do your own intel on this. Talk to neighbors, drive around and see for yourself.
9. How’s the home’s health? Make sure you get a thorough inspection and have any issues with the house identified in advanced and also get a history of renovations.
10. How’s the neighborhood? Lastly make sure you check out the neighborhood too! Make sure to check the local schools, crime rates, what activities are available nearby and if you’re going to have a commute make sure you to check the drive time too!