A fixer upper can be a great investment, especially for a new family looking to make a space their own over time. They can be a truly incredible deal, but if you don’t know what to look for and aren’t careful, it can also swallow you in a pit of money.
If you’re looking to purchase a fixer upper, here are some of the most important conditions to consider.
A workable floor plan
You can knock down small walls, repaint, and even refinish the floors, but removing load-bearing walls is a one-way ticket to a drained bank account. Make sure the fixer upper you settle on has a floor plan you love, or that you can at least work with.
Look for leaks
A leaky roof, old piping, and a water-logged basement are a recipe for disaster. You might love everything about a house, but if there are serious structural problems, there will hardly be any time or money left in the budget for anything else.
Check the foundation
The same goes for the base of the home. A strong foundation is essential in keeping the rest of the house structurally sound. If there is noticeable signs of rot or crumbling, it could cost a pretty penny to fix. You’re better off finding another place with a sturdy foundation and horrible shag carpet (that you can replace)!
Watch the wiring
Older homes will also come with older wiring, and this is something you simply cannot skimp on. Make sure you trust your inspector, as faulty or damaged wiring that goes unnoticed can not only be costly to repair later, but can be extremely dangerous. Not all issues will be expensive to fix, but it’s worth looking into before you make any formal commitments to a home.