Buying a fixer-upper house in Houston

Buying a fixer-upper house in Houston requires repair work including redecoration, redesign, and reconstruction. However, the home is usually conducive for living. If you are considering buying such property, here are some of the advantages:

• Lower price: such houses are likely to be cheaper because they require extra work; you will get an excellent price unlike in new houses.
A fixer upper house will have less competition because not everyone is willing to put in a lot of work required in reconstructing such a house. Therefore, it will be easy to get a fair bargain and hence a good deal on the property. Therefore if you are low on cash and looking for a good deal, this might work for you.
• Buying a fixer upper house will give you an opportunity to exercise your creativity as you redesign your home; with this you have the freedom to personalize the room as per your preference and tastes.
• It is also easier and cheaper to access renovation loans. Therefore, you will be able to undertake your reconstruction smoothly
• And finally, if you reconstruct keenly you may even end up increasing the value of the house, and you may even resell it at a profit.

However, in these tough economic times many people may find this as a cheaper option when buying a home but here are the few things one need to know before you decide to invest in such a property.

• First and foremost before you make such a decision, please ensure that you have conducted a thorough assessment of the house to know the magnitude of repairs and possibly how long it will take to repair and whether it is a viable option to undertake. Knowing how damaged the property will help you make a decision as to whether you are willing to invest in the property. It is a very crucial step because it determines the success of the entire process.
• The second most important aspect to consider is to find out the cost of the repairs required for reconstruction. Make sure you have an estimate of what it will cost you to refurbish the house so that you can decide whether it is within your budget.
• Another important detail to know is the cost of construction permits in Houston. You must find out what procedure is required to obtain the permits before you make a decision. You do not want to be caught off guard by the authorities which may result in fines hence more costs.
• Getting a structural engineer on the site is important; they will be able to determine the repairs will affect your house structurally; therefore it is important to get their opinion.
• Finally, the financial aspect is the determinant factor in getting the property. Once you have assessed the house, consulted with the engineers and have a rough estimate as to how much you may need to reconstruct the house, you will need to get the financing ready.

You can check with your preferred lenders to find out the types of funding available for home reconstruction; you can also purchase on a cash basis.

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