Buying a home that needs extra TLC either to live in or to flip can be a big investment in both time and money. You may want to do some of the work yourself, but let’s be honest, at some point, you’ll have to hire experienced professionals to get some of the work done.
If you already know that your home will require extensive work, you may want to talk to a general contractor right from the start. They can help you decide what needs to be prioritized and can guide you along the way. Some things they may recommend prioritizing would include:
• Structural damage
• Foundation problems such as cracks and leaks
• Evidence of water or mold
• Plumbing leaks or old plumbing
• Electrical problems, particularly where old electrical services may be a fire hazard or where the wiring is not up to code
• Damaged/old roofing or gutter system
• Cracked or leaking windows
• Damaged siding
Buying a fixer-upper may sound like a good idea, but be sure that your budget (and patience) can withstand the cost of unforeseen repairs and renovations. There’s a lot more to a fixer-upper than just giving it a coat of paint and changing a few light fixtures.
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