Are you considering buying a fixer-upper in order to get a great deal on Central Ohio real estate? With the vast number of Short Sales, HUDs and REO’s in the area there is quite a selection to choose from. If you are able to make a few home improvements yourself, you may be able to save thousands on the purchase price of investment property.
Several things are important to think about before you buy that fixer-upper. The first is the condition of the house. Some repairs are so expensive and difficult to make that you might not be able to recoup your initial investment. Basic repairs that you can reasonably expect to complete are:
· Removing old wallpaper, patching the walls and painting the interior and exterior.
· Replacing worn-out flooring and carpet.
· Repairing any broken windows or light fixtures, including ceiling fans.
If you venture too much farther into home improvement territory, you may find that you bit off more than you can chew. As a rule, heating and central air conditioning repairs are expensive. Similarly, foundation repair and re-roofing are usually too much for the average handyman to tackle.
Other projects that are often not cost-effective are complete kitchen and bathroom remodeling and replacing the main plumbing of Central Ohio real estate. With the harsh winter we are having here many vacant properties without heat, may have busted pipes. Any improvement that involves building an addition or tearing out walls probably won’t have a good return on your money.
After you find that fixer-upper in just the right state of disrepair, too derelict to catch anyone’s attention, but without any repairs beyond your abilities, you’ll want to make sure that the location is good. If the Central Ohio real estate you're considering is near a busy highway or close to a rail yard, you may have trouble finding a buyer after you’ve fixed it up.
o get the best return on your investment, you need to find a fixer-upper with the right combination of location and condition. If you're interested in finding a great buy on investment property, call me today at 614-273-6406, or email at Vanessa.simmons@realliving.com
KEYWORD: Columbus, Pickerington, Gahanna, Worthington, New Albany, Canal Winchester, Reynoldsburg, Ohio real estate
LINKS:
Investment: http://en.wikipedia.org/wiki/Investment
Ceiling fans: http://www.ceilingfan.com/
Bathroom remodeling: http://www.bathroom-remodeling-hints.com/Bathroom_Remodeling_Ideas.html
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