Apr 19, 2019
CEO and Co-Founder of SimpleShowing, Fred McGill has been involved with over 50 home renovation projects in the Atlanta area. A few weeks ago we did a Facebook Live on his expert tips on how to find a fixer upper home in Atlanta. In this article, you will learn the main things to avoid, aspects that are okay, and other considerations to take in before you purchase a fixer upper in Atlanta.
Buying a fixer upper is actually a tremendous way to build wealth. If you calculate the costs out correctly, you may be able to return a profit on your investment. Investing in a fixer upper is also a good way to be able to afford a home in an expensive neighborhood where the median home value is above what you'd normally be able to afford. Lastly, buying a fixer upper is also a good option if you're attempting to buy in a neighborhood that is up and coming or adjacent to a hot neighborhood.
When searching for a home to flip, you should have a list of key things you are looking at to narrow down your options. As a baseline rule, find homes that need mostly cosmetic fixes like new flooring, fresh paint, or an updated kitchen and new baths. If you find a great home that needs a new roof, this is actually okay but will be an expensive improvement.
In addition, pay attention to the floorplan. If you can open up a room by moving a non-load bearing wall, then that home may be a great option for you. As mentioned above, up and coming neighborhoods are a great option to find homes that are flip-worthy. Checkout our latest article to view 3 hot, up and coming neighborhoods in Atlanta for 2019.
When looking for your fixer upper, you’ll want to avoid a few main problems as they could become difficult to fix or costly. Most of these items can be easily discovered during the home inspection process. First, don’t buy a home with mold or moisture problems. These are expensive to remediate and it could cause potential health problems. Secondly, don’t buy a home that has previous water intrusion in the basement, crawl space or anywhere. This could be a turnoff for potential buyers and could lead to a recurrence in the future. Lastly, don’t buy a house with structural problems. If the structure is weak or faulty, the house will either need to be reinforced and could lead to further issues when you try redoing the inside. Save yourself time and money by avoiding these off the bat.
To see our full facebook live on Fixer Upper’s in Atlanta, check out the full video here.