Buy a Fixer?

Do you Really Want that Sedona Fixer Upper?

So you found the home of your dreams, But it needs some work. Do you go ahead with it?

Here are some benefits for buying a fixer property

• You might be able to find a better home in a nicer neighborhood than you might otherwise be able to afford.
• You can use your own decor and design when fixing the home.
• You can usually increase the value of the home with your own sweat equity.
• You can often resell it for a profit.

Keep in mind that for every $5000 you put into a home you will want to try and recoup up to $15,000 of that back on the sale of the home depending on the market and the repairs you choose to complete.

Get the know the nieghborhood you are buying in and don't over fix it past what the neighborhood can hold. You may put more money into it than it will ever be worth.

How do I know if I should buy a fixer?

• Don't buy a fixer if you have no cash to start the fixing process 
• Don't buy if you would have to hire out every handy man job. Doing some or most of the fixing work yourself is what makes it worth it.

Keep records of you time and your money so you can budget these costs in and determine if this is really worth your expense.

When looking for a fixer property, keep these tips in mind:

1. Find a community and neighborhood in which prices continue to rise and pride of ownership is evident. 
2. Check the comps in the area which I can do for you to make sure you are not over paying for the home.
3. Know the condition of the home before you buy so you know what work you have to do. A professional, qualified inspector will help you with this. 
4. Before you get caught in the excitement of it, get 3 bids from contractors on any major work to be done if any. This will determine if you are up for the task and the cost.
5. Stay away from structural problems as in major foundation work or load bearing walls needing major repair. This also includes plumbing and electrical issues. Unless you can do some of these repairs yourself, they may prove to not be cost efficient.

The Ideal fixer is the cosmetic home. Paint, flooring and landscaping can sometimes make a world of difference to the overall appeal of the home.

Keep these three golden rules in mind when looking at fixers:

• It will always be more work than you expect.
• It will always take longer to finish than anticipated.
• It will always cost more than you expect.

The best tip I can offer is to buy the cheapest fixer in the best neighborhood! And make sure ahead of time your renovations will pay for themselves. You don't want to start a project just to find out it will cost more then you will ever recoup. If you plan on living in the home after the work, it may be worth it to you to hang onto the home for a while.

 For all listings of Fixers in the Sedona real estate market, give us a call. We have knowledge and experise in all fields real estate related and can help you make an informed and educated decision on your next piece of property.

Here are some more tips and information on buying a Fixer Property.