How to Rehab a Fixer Property in Columbus Ohio
About 70% of homes in America were built before 1990. That can add up to a lot of repairs. Homebuyers may be looking for vintage or historical properties and usually, the older the home is the more repairs it will need. Most homes that are just 10 to 15 years old will simply need cosmetic repairs such as flooring were appliances depending on the care and maintenance. Older homes beyond 1990, may need updated insulation, roofing or siding, wiring or plumbing which can be very costly. As a homebuyer you need to figure out if buying a new home with minimal to no repairs outweighs the cost of a cheaper home that does need repairs. Which makes the most sense to you and which are you willing to put in more time and money into?
If you are going to rehab a fixer home know that the term "fixer" does not mean move-in ready. He fixed her home will definitely need a lot of repairs before it is livable. These homes can be a great investment however and you can get a lot of bang for your buck if you take the time and the money to repair the home to where it needs to be. Here are some tips to keep in mind or guidelines when looking at a home to rehab and six app.
Make sure you accompany your home inspector. Your inspector can be your best friend to determine if this is the home you should just walk away from or one to put some effort into. Your home inspector will tell you about upgrades, problems, issues, and things that you will need to attend to right away. Major issues such as a cracked foundation, termite or mold issues may be more trouble than they're worth and a home inspector will tell you whether you should simply walk away or if it's a reasonable update.
Consider long-term investments. Begin with the end in mind. Home buyers are looking for energy-efficient appliances, well insulated homes, green construction Materials and the like. If you plan now for the resale value in the future, you will be more apt to get a better return on your investment then if you cut corners during the upgrades.
Plan for big expenses. A rehab job is not cheap and anything older than about 15 years is going to need more work. You might find a home that has already begun some of the rehab process from the previous homeowner and all you'll need to do is continue those repairs or upgrades to create a better property for the future.
Trust your real estate agent. Many real estate agents know the construction materials for a particular neighborhood or a homebuilder. They can offer tips and suggestions for updates; Whether a certain siding or roofing is worth the trouble to repair or replace, or if the home simply requires too much work for its value. They can also put you in touch with lenders that can work up a construction loan or other types of loans that can specifically work for improving the property.
There are many historical and vintage homes throughout the Columbus real estate market and there are also new subdivision and developments popping up every week. You can usually find what your looking for in the Columbus area and surrounding communities and towns so call me for more details and answers to your questions on investing, fixing and rehabbing property in the Columbus area.
Read more: Considering a Bank-Owned Home? Here's what to expect