When buying a fixer-upper, get a home inspection, verify that your remodel plans meet all zoning restrictions, and look for any tax advantages.
What should you look for when buying a fixer-upper? There are a few things you need to keep in mind.
The first is getting a home inspection. We recommend this to our clients because we often see other buyers spend less than a half an hour walking through a home and overlook things that could be wrong with it.
The home inspector will spend between two and three hours going through that home so you’ll know exactly what you’re buying and you won’t have any surprises down the road.
There are great tax incentives in buying a fixer-upper.
The second thing you should do is talk to the city or township and verify that you can do the necessary remodeling in order to fix the home up Sometimes there can be zoning restrictions—especially on lakes—that prohibit any additions from being made.
Lastly, look for tax advantages. There are some great tax incentives for people buying fixer-uppers. Reach out to your accountant and see if there are any available monies in the marketplace, whether it’s county or state funds, or if there are any other tax incentives that would make sense for you to buy a fixer-upper.
If you have any other questions pertaining to finding the right fixer-upper, please don’t hesitate to give us a call or shoot us an email. We would be happy to help you in any way we can.
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