Real Estate

Buying A Home – Avoid Properties That Need Major Fixing

If you’ve thought about saving money by purchasing a home needing major repairs, you’d better reconsider your decision.  If you thinking about a home that needs major remodeling including structural upgrades, adding or eliminating walls or room, and more, beware!  Unless you’re lucky enough to have someone in the family who’s a general contractor or handyperson, you’re better off walking away from these properties, especially if they have health hazards (like mold) or can’t be lived in due to major flaws such as buckling foundations or collapsing wood floors. Let’s go over the 3 main reasons why you shouldn’t buy this type of fixer-upper:

1) You’ll Have An Impossible Time Getting A Bank Loan – If a property has flaws that are a safety issue, a lender may force you rennovate those flaws first before they’ll consider making you a loan. If you don’t have money set aside to complete the improvements, the bank won’t approve your loan.

2) The Total Costs To Fix The Property Exceed Your Budget – If you barely scraped enough money to buy a property, where will you get the additional funds to cover the needed repairs? Don’t be fooled into thinking a basic cosmetic fixer won’t need some minor reconstruction work. If you still decide to buy a home needing significant remodeling work, be sure you set aside additional funds for future projects.

3) Are You Ready For The Additional Headaches And Commotion? – Rennovating a home can turn your daily life upside down with the additional turmoil, noise, and stress. Not only will you experience extra stress, you’ll have to take time off work to check that your rennovations are going as planned. It’s important to take some time to discuss with your family how to cope with these additional inconveniences.

If you want to find ideal fixer-upper properties in Orange County, CA  check out these Irvine homes for sale by contacting these local Irvine Realtors.