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How To Find The Right Fixer Upper, Part 2

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The first thing to do before you buy a fixer upper is to learn as much as you can about the area you want to buy in.

What are houses going for? Is the area run down or improving? Are homes selling quickly or staying on the market a long time.

What is it about the homes that are selling quickly that buyers are looking for?

Find out what special features people are looking for in the area?

Do they want pools, hardwood flooring, other special improvements or upgrades?

Ideally a fixer upper should only require some paint, new carpeting, flooring or cleaning up.

Check the house for water damage, damaged sub-floors or structural damage. Check out the condition of the walls, plumbing, electrical and heating mechanisms.

Bring along a contractor or someone who is knowledgeable in this field.

Make sure you know exactly what your costs will be and what your potential ROI (return on investment) will be.

Try to visualize exactly what the improvements will look like and put yourself in the buyer’s shoes.

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