29 Nov 4 Tips for Purchasing a Fixer-Upper in San Diego
What if your dream house happens to have old wiring and a cracked foundation?
So you have set your sights on a home that needs a bit of repair work. The stairs are creaky and you’ve noticed a few leaks.
But you have already made up your mind. So what is a love-struck home buyer to do?
If your heart is set on a fixer-upper home, the following advice can help you make that needs-work house a warm and cozy home.
Know the zone
Every municipality has zoning districts and you need to know what uses are permitted. Knowing the zone is important because it will let you know what you can and cannot do to the home.
Visit the home’s municipality’s website to research your zoning requirements or set up a meeting with a staff member who can walk you through the legalities.
Get a home inspector
Once you have made a verbal agreement to buy the home and are waiting for the contract to be drawn up, you will want to hire a home inspector.
A home inspector will look for structural issues and advise you on issues that may or may not need to be replaced, such as electricity, plumbing and roofing.
Make sure to set aside about an hour or two to walk through the building with the inspector and ask questions. This will allow you to get to know the house really well before you buy it.
Home buyers tend to ask questions about termites or asbestos. But it’s equally important to ask about the general age of certain systems. A 29-year-old boiler, for example, is likely to break down soon. Whereas a newly-installed air conditioning unit most likely won’t be a problem for the next two decades.
Depending on the location of the home, you might also want to ask about issues specific to its region. And with today’s families using more electricity than ever before, you will need to find out if the amount of power coming to the home is suitable or needs an upgrade. Doing a bit of research online can be helpful.
Another important topic to bring up is any work you are preparing to do. This can include upgrading the bathroom or turning a two-bedroom home into a three-bedroom.
Learn the agency requirements. If the house is in a landmarked district, make sure you find out the ramifications.
Hire a contractor or architect
Hiring an architect is important because you will want their take on what you can do from a design perspective.
If you hire a contractor, make sure to do your homework to find someone you can trust. You can recruit more than one to get more opinions as to what can be done.
Find tax incentives
Depending on where you are located, you might be eligible for a tax abatement. This is a tax credit for homeowners who improve their home’s value.
If you choose to buy and improve a fixer-upper, you will need to have patience. Once the dust clears, you might just find the home of your dreams.
Thinking of buying a fixer-upper? Click here to contact Shay Realtors!
No Comments