What is the ONE tip you'd give to someone looking to buy a fixer-upper as a first time home buyer? Someone sent me an e-mail on my website last week and asked me this. I don't have much experience dealing with home buyers who are looking to purchase fixer uppers. However I do have a lot of real estate investors in my database who are looking to purchase fixer uppers to fix and sell more than real estate investors who are looking to purchase fixer uppers to fix and hold.
So this is what I said:
Since you are going to be purchasing a fixer-upper as a first time home buyer,make sure you hire a knowledgeable and competent real estate agent. It doesn't cost to hire a real estate agent. It pays to have a good one on your team. A good realtor who will show you the latest real estate market reports in the areas you are considering so you can know whether I should be buying in this city or state or subdivision based on the real estate market report.
I will also add that if you are going to buy a fixer-upper at below-market value price,first you should do is get a real estate agent to pull comparative solds within the last 3-6 months to give you an ideal of how the real estate market is performing in the area where you are planning on buying a fixer upper investment property. Once you found out how much houses are selling in the area,I would then hire three licensed,bonded and insured reputable contractors. Now don't hire free or cheap ones. Why? You hire someone who will do it for free and/or a cheap one will not give you a very good home evaluation report. You get what you pay for. Since you are plan on making a very sound investment that you hope will yield a great R.O.I-return on investment that is very paramount to spend the money to get three quotes from three licensed contractors.
And also ask your real estate agent if they have helped home buyers buy and sell fixer uppers? And if they have what was the experience like? Would you recommend it to first time home buyers? Best questions to ask now are the one will probably prevent less stress and hard aches and pain during the home buying process. You have to do a careful evaluation of what you'll are going to invest your hard earned money in and talk with your realtor® and contractor to learn what you can reasonably expect to make when the home is put back on the market. And if you are a real estate investor who is looking to purchase Real Estate Investment properties in DC and MD,I would be more than happy to assist you. This is a great time now to invest in Real Estate.
So what is the ONE tip you'd give to someone looking to buy a fixer-upper as a first time home buyer? Please share.
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