Buying fixer upper homes means a lower purchase price compared with other types of dwellings, but higher budget for repairs and renovations. The trick for homebuyers is to determine whether the combined amount of the purchase price and the cost of repairs will produce a total that is still lower when compared with the cost of buying a similar property in the same neighborhood.

Parts of Homes That Increase Repair Costs

The foundation of the residence can potentially be the most costly aspect of repairs. Checking the walls for cracks would be an ideal start. The beams that support the whole structure and keep it standing should also merit scrutiny. A home will be worthless if its foundation is crumbling. Owners can replace other parts of the house, but if the foundation is in poor condition, the property is practically worthless.

Another important aspect of a residential structure is the roof. A regular sized single family dwelling with a roof that is falling off will require $10,000 to $20,000 to repair. In addition, home insurers will hesitate to provide a security for a home that has a poor roofing condition.

Plumbing Fixtures

In fixer upper homes, the plumbing and water systems are always the ones that are easily damaged, particularly when the property has been vacant for quite some time. The problem with plumbing is that the damage can go beyond the plumbing fixtures themselves. A damaged water or plumbing system can cause leaks that can also destroy ceilings, walls and even the foundation of the house. Molds are also inevitable products of leaks and moisture. That is an additional worry, particularly for the health of the residents.

Test the plumbing and water system by opening all the faucets at the same time to see if one is losing water when another is turned on. Corrosion on pipes and fixtures should also be a concern. Corroded fixtures will not last long and can cost $5,000 or more to be replaced.

When buying fixer upper homes, hiring a licensed and reliable home inspector is a must. Buyers might secure a property with a low selling price, but they could end up spending more on repairs which would render the cheap purchase price useless.