As a property manager, this is one of the oldest stories: a property that has a whole lot of potential, but have got a long way to go before that potential is realized. “Fixer-Uppers” can be great investments, and more often than not are, but at the same time, it goes without saying that getting a return on that investment requires a lot of time, effort, and of course money. Before you start working on a fixer-upper, it pays to know what you’re getting yourself into. I recently read a post on the site Zillow, sharing some things you should know if you’re going to work with a fixer-upper. Here they are:
Check out zoning: Municipalities have their own zoning districts, each one with their own specific laws about what’s permitted where. If you want to research the zoning requirements for an area, visit the municipality’s website, or reach out to a staff member with any questions you may have.
Call in an inspector: Home inspectors are great for figuring out any structural issues so they can advise you on what needs to be fixed and/or replaced. Find an inspector that isn’t too biased but also, more importantly, is going to be working for you. Inspectors know to ask about things other people would never even know about, but will save a world of trouble in the future.
Hire a contractor/architect: Architects and contractors can offer a unique take on how you can improve a place, as well as point out if a home’s load-bearing walls can be moved. Look for references when you’re looking for a contractor; you want somebody you can trust and who can offer good insight.
Research tax incentives: Many regions, particularly bigger cities or up-and-coming places, offer tax credits for improving the value of a property. Do your homework and see if there’s anything available for you!