Forget-Everything-You-Have-Been-Told-About-Finding-Bargain Priced-Properties-and-Actually-Start-Finding-Some

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As housing prices continue to decline, fixer-uppers offer a great potential for turning around a property for profit even in today’s housing market.

The key to buying a fixer-upper is to find one that has profit potential, which means well-spent fix-up dollars will add more market value than the cost. A fresh paint job inside and outside is the most common home improvement and can give the house a new look and appeal.

Other profitable home improvements include adding a second bathroom to a one-bathroom house, installing new light fixtures, new landscaping, and installing new carpets or hardwood floors. These improvements are “cosmetic” because they aren’t very expensive, but can give the home a new look and feel with added market value.

Some improvements add little or zero market value, which should be avoided. The best example is a new roof. If you spot a house for sale that has curled-up shingles, there is a good chance the roof will leak or begin leaking soon. Fixing a roof will not likely add market value because buyers expect houses with roofs that don’t leak

Other examples of the wrong type of improvements are foundation repairs, replacing galvanized pipes with copper pipes, rewiring to current standards and replacing a cracked driveway. These necessary improvements will likely add little or no market value to the residence.

Aside from profitable and unprofitable fix-ups, there are other improvements you could make if you want to stay in your house for more than five years, and they will also add market value. The best examples of these types of improvements are kitchen and bathroom renovations. Adding a family room or another bedroom can be considering in this category as well.

Keep the above tips in mind when you are looking for a fixer-upper, either to resell for a profit or to fix up for yourself.

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