Fixer uppers are booming in popularity and are a great opportunity for people looking to make a quick profit in the world of real estate. The important aspect of buying and selling a fixer upper home is to make money doing it, which you can if you know what you are doing. A home that is perceived as a fixer upper is usually sold for less money than it would be if completely up-to-date. So it is easy to see that with the right renovations and remodeling, you can make a profit when you complete the work and sell it for its new market value.
Finding a fixer upper can be accomplished through either your real estate agent (if you already have one) or through the classified ads. You also might stumble across a home that has a for sale sign that looks like it may be in “distressed” condition. After finding a house with repair and resell potential, you should check around the neighborhood to make sure that the location is good for reselling the home later.
The best houses to buy and sell are those that only need cosmetic – rather than major – improvements, avoiding those that require serious work for plumbing and roofs, although such homes might be available at a much cheaper price. So you have to look at all necessary repairs to determine whether the home has good investment potential. If you do not have the skills to do the work yourself, you can certainly hire a competent professional who is able to restore some of the original beauty of the home. A pro can typically do the work at a quicker pace than you, and you’ll receive quality work that increases the resale value. Make sure you get quotes from many different contractors to obtain the best price possible for the work being planned.
After you have finished, you should have the home inspected to show potential buyers what you have done and that the house is definitely worth its asking price or more. An objective real estate agent is the perfect person provide you an experienced estimate of what your home is now worth so that you can get both a quick sale and the greatest profit.
The most important part about selling a fixer upper home is to recognize the potential in the home before it is renovated, and to make the most of the asking price after it has been repaired. If you know how to do both, then you can certainly find a niche in this exciting business.