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Create your own Dream Home
November 21, 2014


Many first time home buyers are looking for that perfect fixer upper! You can buy your first home at a good price...as long as you know what you are doing.

1. Be sure to get a good inspector. One that has experience in older houses, many inspectors believe that everything old in a house needs to be replaced and will voice this...often. Before hiring your new inspector get some reviews. Talk to people that he has worked for and if he won't give references, find a different inspector.

2. Things to check: Structure, roof, foundation, electrical, plumbing, heating, doors and windows. Pay close attention to this check off list as the foundation, structure and roof can be big projects and can sometimes scare off fixer upper buyers. However, if the location is right and you have a little extra money set aside, you can drop the cost of the house and it could be a great opportunity to turning a nightmarish looking house into your dream home.

3. When looking at the house decide what things you can do yourself. Stripping wallpaper, repainting, changing out light fixtures..these things are relatively easy. But, repairing the wall damage before you paint the kitchen and replacing the electrical work behind the light fixture can be a different ball game altogether. You may consider hiring a contractor for the bigger items unless you are well adversed in the ways of DIY.

4. What do you think the cost of all these repairs will be? You are going to want to figure that out, before you make an offer on the house. If you have a contractor that is going to do the work for you, make sure they do a walk through with you. If you are going to do the repairs yourself, make sure that you tack on an extra 20% or so, you know, just in case things are worse than you thought. Be sure to calculate all the costs that come with purchasing a home, such as the down payment, permits, financing fees, taxes and closing costs.

5. Know when to fold. If this house has termites or significant rotting, it may not be worth the repair or the repairs won't fit into your budget. You may have another option if you really like the land, sometimes purchasing the home for the land opportunity and tearing down the house to rebuild a new one, could work out in your favor. Just know that it is okay to walk away, you will find another house that you love.

Most importantly, have fun!

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