The Truth about Fixer-Uppers
With all of the new shows out there about transforming your
home into a fantasy land or just making it hip and modern,
people are fascinated by the idea that they can put so much
personal expression and creativity into their home. This is
especially exciting for new homeowners who are anxious to
settle into their first home and start a family.
Renovation and repair may look appealing on the television
show Trading Spaces, but in reality it may be lot more than
you bargain for, literally. You may think that the house is
a steal because it is so inexpensive, in such a good area,
and so cute…only if. Be careful with the “if.”
You are not going to have a pad and paper with you while you
are leisurely strolling through a parade of homes or street
of open houses. Even if you do jot down some notes while looking
for homes, you will most likely not keep track of all the
little flaws you see and how much they would cost to fix or
better.
Along with this warning about fixer-uppers, remember that
foreclosures are dangerous for the same reason. You think
they are cheap, you think you can fix them up, but have you
thought that there are reasons why the last owner did not
stay? Have you considered the monetary and legal risks that
you may be taking? Usually if you are planning on buying a
foreclosure home, you want to have an expert go to the property
with you and investigate all of the details before you decide
on buying the home.
I am sure at least once in your lifetime you have heard the
expression something is “too good to be true.”
People say this when talking about significant others, spouses,
dream jobs, vacation packages, prizes and rewards, and all
kinds of prices and deals found in the consumer world. Don’t
forget it when you are buying a home! Pay attention to all
of the little nooks and crannies in the home, what needs to
be re-carpeted, resealed or rebuilt, what weather conditions
occur and the condition in which the wood or tile presently
exists.
Choose a great neighborhood! If you are living in an ugly
area, where you do not like the company you keep, you will
most likely not be content. Take a look around the block,
find what malls and restaurants and schools are around, maybe
meet a neighbor and see what he or she has to say.
After taking all of these considerations, if you still want
to buy a fixer-upper, great! But remember that it is good
to do it when the market is down. This way, you will pay the
least amount and you’ll be able to put more towards
the maintenance costs. Make an estimate of how much all of
the touch-ups will cost so you are not shocked later on. Find
a home inspector or two or three to take a look and give you
a professional estimate. Inform your lender about your plans
and the costs that will go into fixing up the home.
With Chase Manhattan Mortgage, they will accommodate your
unique expense issues and stay involved with you throughout
your home buying and home owning process. Also become familiar
with the contractor who will be doing the work on the house,
and know his or her reputation and history. This way, you
will not be taking any exceptional risks, and you will be
confident as you close on your new home and prepare to make
it perfect.
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