Handyman specials make great properties for investors interested in buying and flipping real estate for a profit. The important point is balancing the cost of repairs with the price you pay for the home. By carefully estimating your repair costs, whether you hire a contractor to help or perform the work yourself.
Inspect before Buying Handyman Specials
The most important thing to decide before you buy a handyman special is how much work you’re willing to put into a property. If you’re interested in doing minor repairs, maybe some window replacements and new flooring, and some light remodeling, you don’t want to go buying a property with a roof that needs to be replaced. For this reason, getting a home inspection of any handyman property is crucial. A professional home inspector will assess everything, including plumbing and sewer connections, electricity, HVAC systems, structural issues, pest damage or infestation, and more to make sure you won’t miss any problems with a home you’re thinking of buying.
Search Location for the Right Handyman Specials
As with buying any other investment property or distressed property, location always comes into play. Ultimately, a home in a good location that’s desirable among buyers is going to have a much better chance of appreciation in value than a property in an undesirable location. So never just go after the cheapest properties. You want to determine what’s going to be valuable to buyers over the long term, and that means assessing local economies, school systems, and neighborhood profiles. Investing in handyman special homes for sale is all about maximizing value, and buying homes that have good chances for value appreciation are a key part of that.
Budget for Buying a Home
Remember, buying a handyman special is all about savings, but be sure to keep in mind that you’ll spend some time repairing the home, and then more time marketing and selling it. You may not earn money back on your property, even if you plan to rent it, until you make all the necessary repairs. During that time, you’ll still be responsible for property taxes and mortgage payments, so be sure to budget yourself enough time and money to make buying a handyman special comfortable.