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Smart buyers always take precautions before considering a fixer-upper home as a viable option to invest in.
Fixer-upper homes can sometimes be an excellent investment, and a smart way to move-up into a better neighborhood. Many home buyers underestimate the real costs associated with buying a fixer-upper home though, until after they've sunk a lot of money into a bad deal.
Buying an home or property that requires a little TLC can be a bargain. That's exactly what the American Dream is all about! But, don't allow your imagination of a perceived 'good deal' blind you.
Many fixer-uppers can be real dumps that require extensive repairs for "deferred" maintenance, just to bring the house up to the standard of the neighborhood. Fixer-upper homes require a careful evaluation to determine what the true costs are. There's no easy way getting around doing that research.
When you view any fixer-upper home you'll probably notice other buyers (or investors) milling around and sizing them up. Don't let that make you anxious. Investors will look at just about every fixer-upper house that hits the market, because that's their business. They're not viewing these houses to live in, but to rent. Professional investors have many resources to make repairs quickly and less expensively than you. Just because investors appear interested, doesn't mean the house is a good investment for you!
First thing to do when considering a particular fixer-upper house is to find out if the neighborhood supports a higher price for that type of property. You always want to know what the future or potential value of a fixer-upper house will be.
If you're serious about a particular fixer-upper house, I can help you determine is its worth the bother. I've also prepared a special article called "Fixer-Upper Houses: Don't Get Hosed." To get a free copy of this special article, just call Mike at (303) 514-4000.
Michael Dagner is an expert in Denver-Area home sales.
Call today, (303) 514-4000, for help with your home sale or purchase.
by Michael Dagner: Google+
The Michael Dagner Group, Brokers Guild Cherry Creek Ltd, 7995 E. Hampden Ave, Ste 100, Denver, CO 80231 Map
5 Minutes From The Denver Tech Center - Near Tamarac Square, 9-Mile Station, & Cherry Creek Reservoir