Questions about buying a “fixer-upper” house?
By
I am looking into buying a house and some property in an area that has rather cheap homes. Nonetheless, I don’t have much money, so I’m looking into getting a cheap house there.
I’m not interested in “fixing and flipping.” I want to live and fix and live and maybe eventually sell. I’ve tried to find books on this subject, but all the books I found talk more about reselling. Any book suggestions?
What I’d really like to know is what to look out for before buying a house. I want an ugly house that I can do basic work on (painting, recarpetting, etc.) over the weekends and such to make it more livable and pretty.
I don’t want a house that will be condemned in a year or one that will cost thousands to fix major damages. I’ve heard that you don’t want a house with a bad foundation, but what do I look for? Do I need to hire someone to inspect it before buying? What other major things should I look for and avoid in buying a fixer-upper? Pipes? Termites? Walls?
Related posts:
- Selling house, need to know the average cost that a contractor will charge to tear out and reinstall kitchen? cabinets, counters and sinks/fixtures. We have currently 11 cainets. We will reinstall 11- 18 depending on if we buy long units or shorter. Does contractor charge by amount of cabinets...
- Help! How much does house paint damage cost? My friend crashed a car recently and needs to pay $500 to fix it. He does not have the money to do so, so suddenly he is trying to get...
- How can I make my house pretty? I’m living in a rented house, I’m not allowed to paint the walls or change the floors etc. I’m a student so I haven’t got much money spare. I’d love...
- A question about buying siding for a house? It seems to me that it is way to much to have someone put siding on your house so I want to do it myself and don’t think it will...
- What questions and things do I need to do when looking to rent my first house? My hall-mates and I are looking to rent a house next school year and I was just wondering what types of questions should we go about asking the landlord and...
5 Comments
September 24th, 2009 at 4:52 am
Go to the library. There are books on how to do a home inspection so you can avoid the big problems like termites and a bad foundation. They have pictures so you will know what to look for.
September 26th, 2009 at 6:39 am
i would hire a home inspector. I think they cost a few hundred dollars, but are well worth it.
September 28th, 2009 at 8:56 am
I guess you are asking us before you even looked at Homes & Land magazine. You cannot get a loan if the house is a disaster–bank will not give you the money. Now that is out of the way???? A home that is cheap will cos about $150,000 and that will depend on where you live. It may be more…
October 1st, 2009 at 3:15 am
Home Inspectors’ top ten things to look for during an inspection:
1. Foundation Problems
2. Poor Drainage
3. Roof Leaks
4. HVAC
5. Electrical
6. Plumbing
7. Rotten trim and siding
8. Doors and Windows
9. Water heater
10. Miscellaneous
email me and I will send you a couple of ebooks on home inspecting for the investor or do it yourselfer (miken7@yahoo.com)
October 4th, 2009 at 3:02 am
Definitly hire a home inspector. You can get a fixer upper on a construction loan if your lender is crafty enough. This way you can borrow the money up front to fix the home. You will need estimates though.