Buying, Selling and Flipping Fixer Uppers
A fixer-upper can be a rewarding experience that can generate a nice return on investment, but it requires careful planning, budgeting, and dedication.
Budget
Determine how much you’re willing to spend on both purchasing the property and the necessary renovations. Be sure to factor in unexpected costs that may arise during the renovation process.
Inspection
Hire a professional inspector to thoroughly assess the property for any hidden issues. This can help you identify potential problems and estimate repair costs accurately.
Renovation Plan
Create a detailed renovation plan that outlines the changes you want to make, the timeline for the project, and the budget for each aspect of the renovation.
DIY vs. Contractors
Decide whether you have the skills and time to handle some or all of the renovations yourself or if you need to hire contractors and professionals for certain tasks.
Permits and Regulations
Check local building codes and regulations to ensure that your renovations comply with the law. You may need permits for certain types of work.
Financing
Explore your financing options, including mortgages, personal loans, or home improvement loans, to fund both the purchase and renovation of the property.
Realistic Expectations
Understand that fixing up a property can be time-consuming and may involve unforeseen challenges. Be prepared for setbacks and delays.
Potential ROI
Research the real estate market in the area to estimate the potential return on investment (ROI) you can achieve once the renovations are complete and contact a real estate agent.
Learn more
The Schrader Group of San Antonio is one of the Top Real Estate teams and the name to look for when trying to buy or sell a home in San Antonio or any of the surrounding areas. With more than 41 years of experience, we can handle every need you may come across, from selling your home, buying your home, or purchasing a new build. Let us be your guide and contact us today!