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Can You Afford To Buy A Fixer-Upper?

First, some good news: If you read my last column about the new mortgage disclosure laws going in to effect on August 1, the Consumer Financial Protection Bureau has delayed the start date to October 1. This means the banks, title companies, Realtors and consumers will get 2 more months to get ready for all the changes. Are you thinking of buying a “fixer-upper”? Here are some things to consider before putting in an offer. How much of the work can you do yourself? Some of the fixes may be relatively easy like painting, stripping wallpaper and tearing up carpet. Other repairs such as electrical & plumbing take more skill and knowledge. Be honest about your abilities because mistakes can be dangerous and costly to fix. You also need to ask yourself if you have the time to devote to a large remodeling project. Everything takes twice as long as you think it will and living in a construction zone can have it ís own set of challenges. You will also need to estimate the cost of the repairs needed and add that to the price of the home. If you are using a contractor, have him do a walk through before you make an offer to give you a sense of what needs to be done and how costly it will be. If you are planning on doing the work yourself you will save on labor costs but you will need to price out supplies. Either way you go, tack on an additional 10 to 20% for those surprise costs that always arise in any remodel . Don’t...

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