If I want to buy a home that is a real fixer-upper; what questions should I be asking? What is the first step?

Question

If I want to buy a home that is a real fixer-upper; what questions should I be asking? What is the first step?

Answer 1

I wouldn't ask any questions, other than "When would be a good time to schedule my inspection?" If you don't have the knowledge, hire a home imspector. They will be able to assess any VISIBLE repair that needs to be one, and give you an approximate price for each.

Answer 2

the first question I would aak would be to you: What level competence do you have to install, rehab and repair such a house? If your asnwer is none, I would question the size of your checking account.



You will want to the major factors already updated or at least in good working order. This means, from the top down, the roof covering, the house wiring, the plumbing, any HVAC system and the foundation. If any of those need immediate repair, and you don't have the knowledge, get more money. Anything else can be tackled in your spare time with money carefully doled out. But a roof could cost a few thousand, as could the wiring and plumbing, while the heating and cooking and foundation repair could run substantially more than that.



Then again, if the windows need to be replaced, figure a couple hundred for each of them. Siding will costs thousands, sidewalks and driveways, thousand, etc. If you have to pay for a ll maintenance repairs, it is generally prohibitively expensive

Answer 3

First - search YA here for questions about buying a home. See that green bar up at the top of the page? Use it. This question and others like it get asked a lot.



To start with, you will need to have a lot of construction and home repair skills, and tools.



Then you need to be able to afford the mortgage, AND the repair costs.



Next, get a realtor you trust and can work with. Ask friends who they have used and liked. Go to open houses, and meet realtors. Look for one you feel you can work with. There's a wide variety of people out there selling real estate, so take your time. Ask for references, and call them and ask about the realtor.



Finally, find a house that meets your needs - or will, once you've done some work on it. Then make an offer on it. The offer should be contingent upon you getting financing, and your acceptance of a home inspection, among other things. And those things will hopefully be spelled out in the other questions - so do that search.