If you are a home buyer, maybe you have been practicing the art of seeing what “could be.” That is a helpful attribute to have with fixer uppers, but don’t let it blind you when purchasing that Nashville fixer upper house. Every house has issues, but if a Nashville house has foundational, structural, or an abundance of other issues, it is usually best left to the pros even if it has great potential.
The last thing you want is to have the dream of turning that Nashville fixer upper into a beautiful house become a nightmare. There are few things worse than being in the middle of the renovations and realizing that your budget is already blown.
That doesn’t mean that every Nashville fixer upper house is bad, but home buyers are going to want to be careful. Take a look at some tips to keep you from losing your mind and your budget on a bad Nashville fixer upper.
It is actually beneficial for a buyer to find certain flaws in a Nashville fixer upper. Things like peeling paint, holes in drywall, fixtures needing updating, bad yard and landscaping, or even a bad odor in the house can drive the price down. In exchange, this can increase the return for the buyer.
Unfortunately, many buyers are looking for these types of houses, so you will have to move fast to get one of these. However, don’t move so fast that you miss a larger issue!
The aforementioned flaws fall mostly into the category of being cosmetic problems. Cosmetic problems are cheaper and easier to fix, and can quickly make a huge difference in the look of the house.
The flaws you want to avoid are flaws that are not as easily seen. These flaws can be identified by professionals. But even with a professional inspection, sometimes these flaws cannot be found until the house is being remodeled and walls or floors are torn apart.
Issues like foundational or structural problems are not things most DIYers are able to handle. These are a big deal and can be very expensive to repair. Other expensive problems can be roofing, drainage system, plumbing or electrical replacement, and HVAC issues.
These are just some of the issues you can run into with a Nashville fixer upper, and they can quickly drain your bank account and extend the timeline to have the home finished.
It is a good idea to hire a home inspector and a structural engineer to look at the house before you buy it. They will be able to catch most of the issues you will run into. This will allow you to contact contractors to get estimates on what the repairs will cost.
Get at least three estimates for each repair you are expecting. You should also have extra money built in for unexpected repairs that are sure to come up during the remodel.
Although it will cost you money to hire the professional home inspector and structural engineer, it is well worth it and you can use that information when negotiating with the seller for a better price. This information will also help you when you are getting a loan for your Nashville fixer upper. Some homes that require lots of renovations can quality for a renovation loan. These loans have lower interest rates which will help you afford the loan.
Make sure to shop around for the best loan for your circumstances. Once you are ready, get to work on your Nashville fixer upper!