is to buy a "top repairman" a good investment?

Should I spend less money buying a fixer-up house or more money buying a fixed-up home? That is the question. While there are no simple answers to those questions, here are some tips to keep in mind when making your choice:

1. Do the math.

One of the keys to determining whether or not to purchase a “fixer top” is determining the cost to fix it. Get a professional appraiser to handle the task for an accurate appraisal. The cost to fix the house will vary, depending on the current state of the house. After the appraisal, you’ll have some hard facts to make an informed decision about whether to fix up the house or make it someone else’s headache.

2. Choose houses that need minimal repairs.

Fixing up a home doesn’t have to require a complete renovation. It is wise to look for homes that need a fresh coat of paint (interior or exterior), new carpeting, basic plumbing, etc. On the other hand, if a home needs major repairs, make sure it’s at a rock-bottom price and fits into your long-term housing plans.

3. Consider how much time and effort you have.

The amount of repair work required for a home in need of repair can vary significantly. So, in addition to determining how much work is needed, consider how much time and effort you’re willing to spend. If you need a house deliverable sooner then it might be a bad choice. If you don’t have the energy to make necessary home repairs, then you should probably buy a new home.

4. Know the housing trend in the area.

Fixing up a house in a good location is one thing. Fixing up a house in a bad location is not such a good idea. So, before you decide whether or not to buy a fixer-upper home, determine whether the home’s value would generally go up or down afterward. If the latter happened, then you might decide that the funds needed to repair the house would not be worth it. On the other hand, if homes in the neighborhood are generally appreciating in value, then it could be money well spent.

5. Consider your long-term housing plans.

Do you want to live in your next home for years or decades? Fixing up a home can be a long and difficult process. The time, effort, and money involved may be too much if you don’t plan to live in a particular home for several years. On the other hand, the investment might be worth it if the repairs needed for a fixer-upper house are basic.

6. Get comprehensive and multiple evaluations.

This is crucial when considering whether or not to buy a fixer-upper house. Consider getting at least three reviews and then averaging them. In addition to getting multiple appraisals, you should always get comprehensive appraisals that include ceiling, floor, etc. When comparing appraisals, be sure to compare apples to apples.

Is buying a home for repair the right option for you? The above tips will help you make the best decision.