So you have your eyes set on a fixer-upper property. One that looks perfect for your next project with only a few minor repairs and a number of simple cosmetic fixes.
Why did this house meet your criteria? How did you decide to make an offer on this fixer upper house? If you are new to the fixer-upper game, here are a few tips if this would be a good investment project for you.
Four major areas you should investigate for any house, fixer upper or not, include the foundation, the roof, the electrical wiring and last but certainly not least is the plumbing.
If you are not sure what you should be looking at now would be a great time to call in the services of a local house inspector. You can easily find one in the yellow pages for your local area or even by doing search online for house inspector plus the name of the town you live in.
My experience has been that with just a little conversation most of the inspectors will be glad to show you what they do and just exactly what it is they will be looking for during the inspection. Believe me it will be money well spent and very inexpensive education.
Now, we will start with the foundation.
The cost of repairing the foundation could run you as much as $20,000 in repairs so obviously this is a major concern during your inspection. You may see some evidence of minor shifting this is probably something that will not be of immediate concern. However, seeing serious cracks in the foundation and slab is a different story and something to really pay attention to. Depending on the severity of the damages, the need to repair a foundation could be reason enough to pass on this property.
Getting to the top of things, the roof, what type of construction is the roof?
Is it in good condition? Do you see any missing shingles? If it is a shingle roof how many layers are actually on the house already? It is common practice in most areas to layer new shingles on top of the old unless there is severe damage to the first layer of shingles. You can have about three layers of shingles before the old ones need to be removed and totally replaced. This obviously will add to the cost of any roof repair you have to do cutting into your profit margin, so pay attention to any repairs the roof may need.
How about the plumbing? Do you have hot and cold running water?
A quick check of the plumbing can be as simple as turning on every faucet you can find in the house. There will be no doubt about the water pressure that exists in the home. Have you ever been in a shower in when your wife or spouse starts the…