Wichita Home

All About Wichita and Wichita Real Estate

Is Buying A Fixer Upper Really Saving Money?

Looking for and buying a fixer upper to save money when buying a home in Wichita Kansas can sometimes be a costly affair. Yes, one can save a ton of money or get oneself into a financial fix.

With a little research, numbers crunching and education your  real estate purchase can indeed be profitable. Ask questions and follow these few steps to decide if a fixer upper is for you.

Decide what you can do yourself, and be honest.  It’s not as easy as they make it look on TV.

  • Sure, simple projects like painting and  some floor coverings may be doable. Others like electrical wiring should be done by professionals.
  • Do you have the time. Starting a project and not having the time to finish can be frustrating and living in a work zone for extended periods of time is stressful.

Price the cost of materials and labor for repairs before you commit.

  • Get written bids from contractors.
  • Price supplies for do it yourself projects.
  • Add at least 10% for unforeseen expenses.

Check what you need permits for and how much they cost.

If the house has structure issues hire a certified engineer to determine the extent of damage before committing.

  • Again, get binding written estimates
  • Make sure the problem is “fixable”.
  • The price of the home should be deeply discounted.

Check the cost of financing.

  • Consider the price of the home, closing costs and repairs.
  • Consider FHA 203k program when borrowing for repairs.

Be sure to include the price of inspections from professionals in

your budget.

Following these few words of wisdom your “fixer upper” project can be both fun and profitable.

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September 29, 2010 - Posted by | Uncategorized | , , , , , , , , , , ,

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