Many couples have the talk when they are shopping for a new place to live. Sometimes, the question, “Should we buy a fixer upper house in Charleston to save money,” arise. It’s true that you can save a lot of money. However, you can also find yourself in a financial pit that continues to grow. Here are 7 steps to ensure you’re making the right decision.
Five Steps to Knowing if You Should Buy a Fixer Upper House in Charleston
- Take an Assessment of the Entire Project
Decide what you can do yourself before you buy a fixer upper house in Charleston. This includes taking in account the time it will take to complete it and the skills you possess. Besides the investment of your spare time, your DIY skills will be the deciding factor. Stripping wallpaper down or painting can be easily done. However, electrical and plumbing work may be out of your ballpark.
- Figure the Cost of Repairs and/or Remodeling
It’s a good idea to get a rough estimate how much it would cost to make the necessary changes to the house. Get a contractor to do a walk-trough the house before making an offer. They should give you a written cost estimate to complete the repairs. At the bare minimum, price the supplies you’ll need if you’re talking the repairs alone.
- Research the Cost of Permits
Building permits are required by virtually every town or city in the US. It’s needed when altering or constructing a building or structure. Have the contractor get them if they are doing work to the house. Otherwise, get in contact with the local building department to see what is needed.
- Get a Second Opinion if Structural Work is Needed
Before you buy a fixer upper house in Charleston, check for major structure damage. It’s best to hire a structural engineer to inspect the house first. They generally charge between $500-$800 and will provide a written estimate.
- Make Sure You Have the Finance
It’s good practice to make sure there’s enough money to cover the down payment, closing costs, and repairs. This may require that you get approved for a home equity and/or home improvement loan. Check into the Federal Housing Administration’s Section 203(k) program. It’s designed to assist people who are refinancing or choosing to buy a fixer upper house.
Contact Us Before You Buy a Fixer Upper House in Charleston
The choice to buy a fixer upper house in Charleston shouldn’t be taken lightly. Let us help you make the right decision. At Charleston Home Team Real Estate, we strive to make sure your home buying experience is pleasant and stress-free. We work hard locating the right Charleston home for your family. Contact us at (843) 628-3960 to speak to one of our real estate agents today!
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