3 Ways You Can Take On An Orlando Fixer Upper

3 Ways You Can Take On An Orlando Fixer Upper

Orlando fixer upper is taking over the real estate world by storm! Here are three ways you can take on this challenge well.

We all have seen the show ‘Fixer Upper’ on HGTV, inspiring all of us to find ourselves a bad home in a great neighborhood and make it the dream home. While some may consider the work it takes to make it the home you want a nightmare to it may be the right move for you. Today I will share the three ways you can take on an Orlando fixer upper.

Budget

Taking on an Orlando fixer upper requires a lot of money on renovations and budgeting out what you are willing to spend on a house is the first step. The first thing you should do is add up the costs to renovate the property based on the condition of the home. The estimate should include materials and labor. Subtract the home’s market value after renovation and what’s left should be your offer.

During the real estate negotiations make sure to ask to include an inspection clause. This inspection will ensure if the house is a good investment or not. The inspector will document the problems, and you can use that to get the seller to pay for certain repairs or to get the sale price lower.

Choose the right home

Ideally, you want an Orlando fixer-upper that just needs cosmetic improvements such as paint, lighting fixtures, floor remodel and other small touch ups. These renovations will cost much less saving you more money. Adding on rooms, and other structural repairs cost more than the return in market value. A large-scale renovation can take up to months if not years to complete, and if home prices stay flat, it’s possible you will have a home not worth the investment.

To save money on your home, you will have to roll up your sleeves and put in the work. If you don’t see yourself working on your home consider the amount of time you will be devoted to supervising contractors as they work in your home not to mention paying them.

Renovation Loan

A great challenge many people face when purchasing an Orlando fixer upper is paying for the repairs. After the downpayment and closing costs, they don’t have a significant amount left for remodeling. Depending on the size of your renovations and costs, credit card debt is an option. If you see that your repair costs will be relatively expensive, a renovation loan through a home equity line of credit or mortgage is always an option.

When you are buying or selling property in today’s real estate market, it is important to have confidence in your real estate professional. My commitment as your local Realtor is to provide you with the specialized real estate service you deserve.

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