Fixer Upper Vs. Money Pit
Fixer Upper or Money Pit
You are ready to buy your first home, or maybe this is a second home. That vacation home in the mountains on the lake you always wanted can be obtained if you buy cheap and fix it up! After all, you feel you’re handy. It will be a “fun” project the whole family can join in on. Slow down Mario…is it a fixer upper or a money pit?
A fixer upper is something you need to spend a good amount of money on to make it livable and functional.
The home needs some minor repairs like drywall patching, new baseboards, fresh coat of paint. You may even need to adjust the door jamb, so it fully closes. Even adding porcelain adhesive paint on a rusted porcelain sink you might be able to handle. Door knobs are easy enough to change out and even flooring can be done by the best of us. These fixer up items might be some fun family projects!
Then there are the big guys. The home may need some roof repair or it may need to be replaced. Plumbing and or electrical issues need to be addressed. Now you are talking about major money.
Don’t skip it. It’s only going to cost you $300- $500, but you are going to know the good, bad and ugly. You want to know what the fixer upper issues are and if there are any major issues or structural issues that will cause you to all of a sudden “hate your fun family project”!
Who’s Living In The Home?
Is the home occupied by renters? Do you know if the owner is a slumlord or did the owner keep up on the maintenance? Is the renter paying a low rent so they will do the “repairs” on the home? Are those repairs being done and good luck getting that tenant out. Removing that tenant could cost you a long-term costly legal battle. Is the home on a vacation rental program? Who is managing that?
When you come to me to buy a home cheap because you can fix it up, I’m not just going to sell you a home to get a sale. I’m going to ask you some hard questions. I’m going to work at trying to make sure you understand the difference between the fixer upper vs. the money pit. In the end it’s your decision but know I am going to do my best to help you understand what you are buying.
Did you know in Red Feather Lakes there are a few communities such as Crystal Lakes or Red Feather Lakes Village where you could buy “cheaper ” real estate? Some my need fixing up, some may not. There are properties that don’t have water to them, so you would have to haul in water. That would be okay if you were looking for a weekender. Many of the vacation properties in the area don’t have a full septic systems and only have a vault. That would be a larger expense for you if you thought you were going to live there year around. Those are some of the things we will discuss.
100 Eiger Rd., Livermore, CO 80536