Facts About Fixer Upper Homes
Purchasing, maintaining and remodeling a fixer upper home requires a person with great vision, time and resources. The fixer upper is the home that will provide the sweat equity opportunities that so many seek in a good value. There are key facts that every owner should understand about fixer upper homes.
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Background
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With the popularity of cable programming such as HGTV, Lifetime and the Fine Living Network, the desire to acquire fixer upper homes for both investment and living purposes has seen an increase. Consumers have found bargains with purchasing homes that need both major and minor repairs. National chain stores like Home Depot and Lowes have given normal homeowners the courage to take on major home repair projects.
Fact 1
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Fixer upper homes take time. Even if the resources to complete a major home improvement job are present, repairs and renovations take time. Assuming the home is habitable, minor repairs can be tackled one project at a time over an extended period of time. However, if the home is in need of major repairs, such as structural changes, there may be an extended period of time before the home is habitable.
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Fact 2
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Most repairs to fixer upper homes should be performed by professionals. Fixer upper homes can be older homes with outdated features such as electrical, plumbing, heating and air systems. These jobs should be performed by licensed professional with the necessary permits.
Fact 3
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Fixer upper homes take a considerable amount of resources. Resources for jobs needed are not only monetary. Access to contractors, reliable labor and materials is necessary. Anticipate interviewing, hiring (and sometimes firing) professional labor.
Fact 4
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Even with the most cost effective materials and labor, a considerable amount of money can still be spent on a fixer upper home. There are government programs such as the FHA 403k that can be used to not only purchase but repair fixer upper homes.
Fact 5
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Fixer upper homes can have hidden surprises. In any home where there are problems or updates needed, there tend to be other problems or causes. When walls, floors and ceilings are removed, other unanticipated fixes can be found. Molds, termites, water damage, rotten wood, failing structures are all possible hidden surprises.
Fact 6
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Fixer upper homes provide the owner with equity. If the home was purchased for a lower price because of condition, after repairs, it will more than likely provide the owner with a return of investment.
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