These days I wonder, if you're not a contractor, how are you going to make money fixing up a home? While the idea sounds awesome, a little hard work and a big payout, I just wonder if it might be a little unrealistic to think all fixers are going to have payouts. Here's a wonderful graph to help with perspective.
Keep in mind:
- Stuck windows and doors can be a sign of moisture or worse, settling due to the ground shifting beneath the foundation. These are both bad things.
- Smell of moisture could be a sign of mold or rot. This smell could mean the cute little old home has cancer.
- Historic home design and zoning rules might make it very difficult to make modern day improvements. I see more of these homes in the Oakland and Berkeley areas.
- Sloping or sagging floors might not be anything bad, but it could also be the most costly part of a fixer. We should do our homework and get an engineer out to review, before you purchase a money pit.
Remember, these are just the biggest money pits. When you go out to look at homes with me, and you think you've found the right one for you, I will protect you and research a home to look for big ticket problems, before you buy the home.
Make contact with us when you're ready!
Tim Hanford and Elizabeth Russo