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Buying or Selling a Home/fixer upper or already done?
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Question
I am trying to be frugal. I am a single woman on a small income. I found a home that has been gutted, insulated, rewired with GFI outlets and a new kitchen with Ash cabinets. However, the heating system is not dated (forced air) and the water heater is over 10 years old. the roof is 15+ years old. The biggest is a possible foundation problem. it was poured cement with small stones in it and I can put a finger to the first knuckle in places into it. the exterior has an icing of cement over the problem but is cracking. Is this major or only if the sill is affected?
The main question I have is...is it better to buy a home in worse condition than this and do all the remodeling myself? or go with the remodeling that has been done already on a home? $$$ which is the better option? I am pleased with their choices in what they already remodeled. But, I will be strapped financially to pay the mortgage and wonder about the cost and time frame of future repairs.
Can you help?
Dear Sue;
It is better to buy a home that is structurally sound and maybe needs some cosmetic work than to get something that has had remodeling but needs mechanical and structural repair. Those types of repairs are far more costly and indicate that there is potential problem elsewhere as well. Any home you buy should have an inspection clause stating that you reserve the right to inspect the home and can back out of the contract if there is anything on the inspection that exceeds what you are willing to repair.
Good luck and best wishes.
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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