Buying a Greensboro fixer-upper home? 6 tips to be prepared.

While looking at a foreclosed home earlier this month, I was reminded of the extreme variety of expectations I’ve run across while showing buyers fixer-upper type homes over the years in Greensboro and the surrounding areas.  In the quest for a deal, many people are drawn to homes that “need a little TLC ” shall we say.  For some handy individuals, this can be a great way to build sweat equity or get into a neighborhood which would otherwise be too expensive.  For others, buying a fixer-upper can lead to a lot of unexpected bills and take much of the enjoyment out of home ownership.

Here are a few of the “rules of thumb” I’ve learned over the years.  I’m not an inspector, contractor, or even very handy myself, but I’ve been through hundreds of home inspections (good and bad) and had to find solutions for most common property issues for my own properties and for clients.

1) Know yourself.  Many of us like to think we’ll happily spend our weekends and evenings painting, building, and fixing our way around the house.  If you’re one of the rare individuals who actually do, then a fixer-upper might be right up your alley.  For the rest of us these projects can get old very quickly.  Know which camp you’re in before you commit.

2) Know your friends and family.  If you expect help fixing up your new home, make sure to those potential helpers know what they are getting into.  It’s easy for someone to lend a hand for a day…a month can put a strain on a relationship.

3) Materials cost.  I’ve run across many buyers who think they’ve got a project licked once they line up labor from friends and family.  Don’t forget those trips to Lowe’s and Home Depot add up quickly.

4) The older the home, the bigger the surprises.  Personally I love older homes so I’m willing to put up with their quirks to enjoy their charm.  That being said, they do have challenges you just don’t normally run into fixing up a newer home.  If your budget is tight and you’re concerned about surprises, lean toward the newer homes which just need cosmetic repairs.

5) Worry about the water.  Moisture penetration can cause a lot of damage fast so make sure any water issues are taken care of first thing after you move-in.  Also keep in mind…plumbers don’t work cheap.

6) Beware of half-baked repairs and additions.  Remember that if the person who did the original work on a repair or home addition didn’t do it right, their work is probably going to have to be removed before a fix can be made properly or an addition brought up to code.  This means additional expense.  Additionally, if you find one or two half-baked repair jobs, you’ll probably find more down the road.

Now for the obvious, get a good home inspection.  This should go without saying but I’m saying it anyway.  A good inspector can let you know all you can before you start taking things apart.  There will always be surprises once you dig in, but a good home inspection will help you get started on the right foot.