Are you in the market for a new home and thinking of buying a fixer-upper? Do you want to make some real estate investments for your future? Florida is the perfect place to find reasonably priced homes that are in need of repair. But before you start your flipping adventure, keep these essential tips in mind.
Find Fixer-Uppers in Your Area
If you’re looking for a fixer-upper, your best bet is to work with a realtor. A realtor can point you in the direction of foreclosures and good deals in your area and provide you with valuable information regarding the neighborhood. When you’re looking for a fixer-upper, you’ll want to make sure it is in a good neighborhood where you won’t have issues selling later on down the road. Keep in mind that the median listing price for homes in Tampa, FL is $291,000, but you may be able to find something lower if it is in need of repairs. Set a budget before you begin looking and set aside a portion of the price for repairs.
Get a Home Inspection
Once you’ve found a property that speaks to you, make sure it’s worth salvaging. Schedule a home inspection as soon as possible to check for red flags. Issues with the foundation, frame or roof could make the purchase not worth the investment you’ll need to make in repairs. You’ll also want your inspector to look for signs of mold and major pest infestations. One or two mice may not be a problem, but a house full of termites should be a dealbreaker.
Start with Essential Repairs First
If you’ve found your perfect fixer-upper, it helps to know where you should focus your efforts first. You need to take care of repairs that impact your safety and the structural integrity of the home before you start on aesthetic projects. Take care of work that pertains to the roof, electrical system, and cracks in the foundation of your new property. Also, take care to get rid of tripping and slipping hazards in your floor.
Save Money with DIY Repairs
One of the best parts about buying a fixer upper is being able to put a little bit of yourself into the work. You can take care of DIY projects around your new property to cut out expenses and feel a sense of accomplishment. Minor tile work and flooring are two projects that are pretty easy to take care of with the right tools and know-how. Make a supply and tool list for your project, and make sure you have everything you need to get the job done. Power tools can be especially helpful, so look into buying or renting equipment such as drills, sanders, and saws.
Know What to Leave to the Pros
While most people are capable of completing some DIY repairs around the house, there are some projects that absolutely require a contractor. If you purchase a home that needs major electrical work, big plumbing repairs, or upgrades to gas lines, you need to contact a licensed professional to complete any work. In fact, some repairs are illegal for homeowners to take on by themselves, so keep this in mind when you are budgeting for improvements.
Decide Whether You Should Flip It or Keep It
When you’ve finished with all your repairs and upgrades, it’s time to figure out what you want to do next. You could move into the home yourself if that is your ultimate goal. But many investors like to pick up fixer-uppers and figure out a way to make a profit from them. The rental market is experiencing a surge in some areas, so that is one option to bring in extra income but be aware of the rules and costs of becoming a landlord.
Buying a fixer-upper can be an adventure, but you should know what you’re getting yourself into. Always have a solid budget and price point in mind, and be mindful of messes you won’t be able to clean up. Best wishes for success in this new real estate adventure!