Puchasing a fixer-upper.

Fixer-uppers

The oft heard phrase "Buyer Beware" is never more appropriate than when considering the purchase of a fixer-upper. You really need to know exactly what youre getting into before buying. In Washington County Pennsylvania when mentioning the fixer-upper, most commonly the customer and/or client is refering to a foreclosure property. In some cases the fixer-upper is a home that is being sold by the Estate of a person who has recently passed away.

Its commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Many customers call my Washington County Pennsylvania office and ask about Estate Homes, foreclosures and investment type homes that are considered fixer-uppers, thinking there are easy profits in theses deals.  Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" Real Estate (properties) at less than market value, making appropriate improvements and repairs, and then reselling.  And for many first time home buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. Its less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits. Still, when deciding to consider this market, the consumer needs a Real Estate professional such as myself, who has helped many investors, first time home buyers and financially challenged clients take advantage of well priced Homes and having a experienced professional guide them through a minefield of potential problems that could occur without a professional to help you with the process of purchasing or investing in Real Estate.

The most important thing to know before making a decision on such a purchase is what needs to be fixed. Any time you are spending money on improving Real Estate (the home) with the notion of selling it later, strive to spend your money on things that buyers can easily see. Things like new paint and removing trash from the property cost little but have instant impact on curb appeal. Houses that have only cosmetic problems like peeling paint, a trashy yard, bad carpet or wallpaper are the best bet. This is especially true for the first time home buyer looking to live in the house for a while before reselling. Fixing and cleaning cosmetic issues is fairly easy and inexpensive. It virtually always gives gives a good return on investment, particularly when you can do the work yourself. Kitchen and bathroom remodeling usually pays a nice return. Dont be afraid of buying a fixer-upper in need of this kind of repair. Properties with structural damage, or a floor plan that requires major work to remedy, usually cant be "fixed up" at a profit. 

Always have an inspection for hidden damage performed by a home inspector or construction professional before buying a fixer-upper. Make sure that satisfactory completion of such inspections are a condition of purchase in any contract you sign. Then be sure to negotiate to try and get the seller to pay for all or part of the cost of needed repairs uncovered by the inspection. Often, sellers will be willing to lower the sales price to sell the home "as is" instead of paying for the repairs. In many cases I can help you find contractors and home repair specialists which can assist us in providing valuable detailed bids on any work that may need to be performed. from my experience in this Market I have a quite extensive list of contact information for Contractors and Home Improvement professionals in the Washington County Pennsylvania area.

Be careful that you dont over pay. Especially if you plan to resell quickly, paying too much up front can doom your plans for quick profit. Research the market for reselling and have an exit plan for selling the house in place before making an offer.

Before purchasing a fixer-upper.

Come into my Downtown Washington County Pennsylvania Office at 190 N. Main Street Washington PA 15301. I can help you find a fixer-upper. I (Joseph Rasel) have extensive experience in aquiring foreclosure property for investors, who wanted and did rehabilitate the homes and prepared them for re-selling. In addition, I have helped many first time home buyers and other home buyers wanting to aquire quick equity in a home find fixer-upper type homes that made great homes and investments at the same time. There are many things to consider when purchasing the types of homes that will increase your potential for greater profit in your investment in the Real Estate Market.

• Comparitve Market Value on the potential purchase.
• Forms and proceedures for purchasing Bank owned foreclosures
• Forms and proceedures for purchasing Gov't owned foreclosures.
• Repair cost and contractor connetions
• Resale value. Will you make a profit?
• Market trends. Will there be potential buyers for your investment?

Since I have worked with several investors who already made a profit, I must know what it takes to aquire a profitable investment in Washington County Pennsylvania Real Estate. Give me a call 724-263-3392, I would be happy to sit down with you and discuss your future Real Estate needs!