You’ve bought a fixer upper home you can make some money on. Where do you start? What improvements and repairs are most important? Actually, you need to know this before you buy. Always start with the end in mind, and have a plan to get there. Whether before and after you buy, though, there are some simple rules for analyzing possible fixes.
Return On Investment
Years ago I was a real estate agent sitting across the kitchen table from a very disappointed young couple. I had just told them there house was worth $110,000. “But we just put $40,000 into remodeling the kitchen!” they told me. I looked around, and it was nice. Maybe they added $10,000 in value to the house by spending that $40,000. There’s was a classic example of a bad return on investment.
With fixer upper homes, you need to do things which give the most “bang for the buck.” Try aiming for a three-to-one return on improvements. Before you resurface the driveway for $1000, ask if it will raise the value of the home by $3,000. Even if it’s a guess (especially if it’s a guess), keep this three-to-one formula in your head, if you want to invest...
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