Best Places To Look For Fixer Uppers

Best Places To Look For Fixer Uppers



Over the past years, home improvements have become a billion-dollar industry. A large part of that business comes from fixer uppers, with its owners intending to profit from the property after improvements. The thought can seem lucrative but you still need to be careful because not all fixer uppers are worth the effort.

Many fixer-uppers are in such bad condition that repairing them will cost more their selling price. Still, this doesn't mean that taking a fixer upper project isn't a good idea. Some folks make good money from them for as long as the costs and research are done right.

First thing you should do is find the right kind of property to acquire as a fixer upper. There are several sources that can get you started. For starters, look at neighborhoods that have good resale potential.

For this info, consult with a real estate professional so you can get a feel for the market value of a particular neighborhood. Ask the average period of time a house in the area is on the market. It goes without saying that you should ask the prices for the average to the best ones so you have a good price range.

When looking for fixer upper property, look for ones that have been listed for sale for some time now. These have a better tendency to be fetched at a bargain price because at this point the seller is usually willing to consider any offer.

Nowadays, finding fixer upper property isn't that hard to do, what with the Internet. Nevertheless, it won't hurt for you to check out your local listings and those of towns near your area. Watch out for the words “fixer upper”, “needs TLC” and phrases that go along the lines of “diamond in the rough”.

Furthermore, check out bank listings for foreclosed properties. These are usually readily available at the local branch and are listed according to location. Consult with the proper bank personnel with this concern and they will usually provide you with very helpful information. Most banks will be more than glad to accommodate you because they are intent on recovering the losses from these properties.

Take these sources and compare your findings against your investment goals. As always, location is key but at the same time, you need to balance that with your budget, particularly with acquiring the property and repairing it. Fixer uppers take a lot of work, both on the workbench and in research. If you put in the right kind of work, the returns should be more than satisfactory for you.

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