​Lebanon, Ohio Fixer Upper Or Money Pit? – Choosing the Right Fixer Up

Are you considering buying a fixer upper like some of the homes for sale in Lebanon, Ohio? Maybe you’re looking for a cheap house to fix up as a primary residence or an investment property. Either way, caution is warranted.

In communities like Lebanon, Ohio investors and home buyers find the usual gamut of properties; cheap houses to luxury homes. It’s admirable to want to buy a fixer upper, but what looks like easy profit or creating a home can turn out to be a huge money pit.

Take these considerations under advisement in making any home buying decisions.

If you are serious about buying a fixer upper, I advise you to have home inspections first. Look for those homes that need cosmetic improvements. Avoid those properties that require structural repair or major renovations like foundation repair, complete electrical overhaul or a complete plumbing replacement.

Cosmetic repairs needed like with some Lebanon, Ohio real estate listings are much less expensive. Large structural and major repairs seem to always grow much bigger than expected. Now, if that home has the absolute perfect view, a river runs through it and it’s going to be your forever home, follow your heart. But for making a profit or creating a primary but temporary residence for cheap, stick to cosmetics only.

New property investors should keep in mind that structural improvements make a home livable, cosmetic renovations typically show a much better return on investments.

When you buying a fixer-upper home, add up the costs to renovate the property based on a thorough assessment of the property’s condition. Obtain the assistance of a home inspector and experienced local real estate agent knowledgeable of the community and area. A local agent can run comps on similar houses for sale and recently sold homes to garner an idea of a finished project house value.

The real estate agent can advise you about what other homes in the neighborhood go for, what the schools and property values are like and if the neighborhood is on an upswing.

Research your market thoroughly – houses for sale in Lebanon, Ohio

Be very thorough and estimate on the high end. Include labor and materials.

Knowing the home’s estimated market value once the renovations are complete will then help you know what your potential profit will be.

Experts then recommend deducting another 5 to 10 percent for extras and unforeseen problems. They always happen if you don’t make room for them. Once you do the math, you’ll be able to determine what a fair offer is.

Essentially, it’ll be the home’s estimated future worth less the expenses to fix it up.

Getting experts to help you with your labor, materials and estimated value after the renovations are complete will help you make an accurate and fair offer on the home. And always have the home inspected thoroughly so you don’t end up having to make major structural improvements that can eat away at any potential wiggle room or profits.

Buying a fixer upper is a great way to save money on a home purchase and the rewards can be significant. Buy wisely, buy cautiously and use the advice of experts to guide you and your decision.