Thinking About Buying a Fixer-Upper?

very old speaker system for a house.jpg

Here are a few major points to consider before you buy a fixer-upper.

Time had stopped in a house we toured last week.

The in-house speaker system was original and installed in 1958. All the bathrooms had original tile, sinks, and tubs. The kitchen had original cabinets and only the refrigerator had been replaced. The basement had asbestos tiles on the floor and a swingin' Rat Pack style bar that took up an entire wall. 

How much do you think it would cost to fix this place up? 

Many home buyers love the character, craftsmanship, and detail found in an older home.  But before you buy a fixer-upper, seriously consider the following questions.

  • What projects can you do yourself? Is the house built prior to 1978? Do it yourself projects can quickly grow and take up more time than you planned. If the house is built prior to 1978, it's likely lead-based paint is on the walls, window trim, and doors. If you're removing walls or making any major changes on an older home, you'll need to hire professionals to do the work. Lead paint and asbestos removal is not cheap!According to Home Advisor, it can cost between $200 and $700 to hire professionals to do this type of work. 

  • Will the house need an electrical heavy up and updating for outlets & switches? Most houses today include a 200 amp electrical service. This allows homeowners to run as many circuits as needed. Older homes may have only 100 amp service which is often not enough electricity for homeowners needs today. A licensed electrician should be hired to do a heavy up which usually costs between $1500-$2500. If you're handy, you may be able to replace old outlets with GFI protected outlets but this work takes skill and you'll want to be sure to turn off the main power before doing any electrical work. 

  • What is the condition of the roof, structure & foundation? Depending on the size and condition, roof replacement can be expensive. If the roof is near the end of it's useful life, adjust your offer to reflect the cost of replacement. If there are foundation issues, seriously consider walking away! To avoid buying a house with foundation problems, spend time examining the exterior and interior walls.  Last spring, we found large, jagged cracks along the brick foundation of an older home. In the basement of the home, the wall bulged from the cracks in the wall. This is an expensive problem! If you have any questions about the foundation of a property, hire a structural engineer. 

  • Give serious consideration before you waive a home inspection. With the exception of an almost new condominium, we have never advised our buyers to waive a home inspection. We have, in competitive situations, done a pre-offer home inspection. This is done when there are multiple offers on a property and you want to write a contract offer that is not contingent on the home inspection. 

Remember, hire professionals to thoroughly evaluate a home. If the house is on well & septic or has a pool, these should be inspected by a professional. The more you can learn about your investment, the more confident you can be in moving ahead with the purchase. 

What Does Love Have To Do With Buying A Home?

"True love is the greatest thing, in the world-except for a nice MLT – mutton, lettuce and tomato sandwich, where the mutton is nice and lean and the tomato is ripe. They’re so perky, I love that." Miracle Max

The Princess Bride.jpg

 

The 1987 movie Princess Bride is a beautiful story about true love.

Princess Buttercup and Wesley encounter serious obstacles (the entire movie) but eventually end up together and live happily ever after.

True Love Prevails!

This true love story is a lot like buying a home. There is no such thing as the perfect house for everyone! Every home buyer has unique expectations and dreams regarding their home. So if you are planning to buy a home this Spring, consider why love matters!  

  • Love your Neighborhood - You can remodel and fix up a house but you can't do much to change your neighborhood. You need to love your location first and then focus on the house. To love your neighborhood, you'll want to write a list of what's important to you and your partner. How long is your daily commute? Have you actually driven the route and determined you can live with it? Is there an HOA? Do you think you can abide by rules? Loving your location is imperative if you really want to enjoy your daily life.
  • Love the bones of the house - My grandfather had a great expression, "You can't make a silk purse from a sow's ear." Keep this in mind when buying a home. If it's poorly constructed with cheap aluminum siding with sagging garage door headers-don't buy it. You will regret the purchase even if you do all the right upgrades on the house. 
  • Love the flow - I've seen hundreds of galley kitchens in the Washington & Baltimore area.These kitchen designs were popular back in the day when the wife cooked and then served family and guests in the dining room. Thankfully, those days are gone! If a house you love has a galley kitchen, consider taking down a wall and opening up the space.Galley kitchens are one of the biggest drawbacks for home buyers who are touring older homes. 
  • Love the outdoors - Even if you don't spend lots of time in a yard, it's important to consider who your neighbors will be. Do they have tidy yards? Is there any privacy? If not, is there room for a few trees or a privacy fence? The biggest gray area when buying a home is who lives next door. If you are considering buying a home, drive by in the evening and on the weekend and try to meet a few neighbors. This could help you move ahead with writing a contract or run! 

Love Matters in Real Estate

Best wishes for a happy & successful house hunting adventure this Spring!