This is a sponsored post from Eve Thompson of Reston Real Estate. For a more complete picture of home sales in your neighborhood, contact her on Reston Real Estate.
You don’t have to be a real estate investor or a house flipper to share in the benefits of buying a fixer-upper.
I encourage all of my buyers to consider houses that will require some work to get them back into pristine shape because I know it represents the very best opportunity for gaining equity quickly.
What qualifies a house as a good fixer-upper target?
Location — you want the worst house in the best neighborhood. The old real estate adage is true, location, location, location. It’s the only thing about your house that you can never change is where it sits.
If you’re going to buy a fixer-upper look for one in a great neighborhood; you’ll benefit from the higher values of your neighbor’s homes and protect your ongoing investment as you bring your property up to snuff.
Develop an eye for cosmetic problems and be suspicious of potential structural problems. Old wall-paper, peeling paint, tons of stuff piled in the yard? These are relatively easy fixes, even having to replace old windows or an HVAC aren’t difficult things to do with the right expertise but, a structural problem can be serious and it can be seriously expensive to correct.
Arm yourself with knowledge by assembling a good team of subject area experts, inspectors and contractors and in Reston be sure you understand the design covenants of the property you’re considering — knowing what you’re getting into will protect you from costly errors down the road.