Find your fixer-upper, gmnews.com, September 5, 2013
Erik J. Martin’s article for gmnews.com details how fixer uppers can be great and affordable investments, specifically in 15 cities as listed by RealtyTrac. Buyers can acquire inexpensive homes which they can then refurbish and sell off at a considerable profit. This potential, however, comes with a caveat:
However, just because values are low doesn’t mean that the flawed home you have your eye on is a good investment, says Jameson Tyler Drew, broker and president, Anubis Properties Inc., Los Angeles. “Buying [a fixer-upper] takes all sorts of research into local economic development, demographics and levels of personal and property crime,” he says. “These will all affect your return on investment whether you’re flipping or buying for the long-term.”
With the exception of Indianapolis, Dayton and Columbus, Drew says, he would think twice about purchasing properties in any of the 15 cities listed by RealtyTrac.
With the exception of Indianapolis, Dayton and Columbus, Drew says, he would think twice about purchasing properties in any of the 15 cities listed by RealtyTrac.
Interestingly, the city of Columbus, Ohio was identified as a haven for safe fixer-upper acquisitions. After all, the strength of the local real estate market and considerable consumer demand for available housing can offset any risks involved with acquiring a fixer-upper property. In any case, such remodeling projects will include roof repair in Columbus, Ohio.
Fixer uppers are basically lucrative opportunities waiting to be tapped, given that these properties are priced at only 50 to 60 percent of their fair market value. Upon carrying out the necessary improvements, owners can look forward to higher resale values. Martin, however, stresses that buyers should first do some research on any prospective property and the surrounding community.
Buyers are likewise advised to get quotes on the rehabilitation project from reputable companies. The roofing system often gets the brunt of weather-related damage and consequently requires urgent attention among other things. A capable Columbus roofer from a reputable group like Muth & Company Roofing possesses the necessary training, experience, and expertise to restore any fixer-upper into a desirable property in no time at all.