Thinking of Buying a Fixer-Upper Property in Wilmington, NC?
There are many types of buyers interested in purchasing a fixer-upper property. Are you one of them?
An investor might hesitate to purchase a house they aren’t sure they can resell quickly or renovate at a low cost. On the other hand, someone looking for a long-term residence will be more focused on finding a home that meets their needs.
Regardless of your reason for buying, there are a few key things to keep in mind when purchasing a fixer-upper property in Wilmington, NC.
Run the Numbers
Be realistic. What will it cost you to get the house into livable condition? Repairs, upgrades, and small cosmetic details can quickly add up. Seek advice from professional contractors to better estimate your repair costs. While you’re at it, factor in additional expenses to avoid financial surprises.
Expect the Unexpected
Construction projects are costly, and unexpected expenses are inevitable. You’ll likely need extra materials and more trips to the hardware store than anticipated. Before purchasing a fixer-upper, ensure you have a savings cushion to cover unforeseen costs. This is especially crucial if you’re planning to sell your house as-is for cash later.
Be Ready to Get Your Hands Dirty
If you love DIY projects, buying a fixer-upper can be a great adventure. However, watching a few HGTV shows doesn’t make you an expert. Some tasks, like painting or landscaping, can be handled on your own. But for structural changes—such as framing a new closet or rewiring electrical systems—it’s best to call in a professional.
Inspect, Inspect, Inspect
You already know the house needs work, but you need to determine exactly how much. A thorough inspection is essential to uncover potential problems that aren’t visible at first glance.
Consider specialty inspections for critical areas like septic systems, plumbing, and hidden structural issues. A professional assessment will give you a clear picture of what you’re getting into. Your purchase offer should include inspection contingencies to protect you from costly surprises. If the house fails the inspection miserably, it may be wise to reconsider your purchase.
Explore Financing Options
Fixing up a home requires money, but various financing options can help. Some common choices include:
- FHA 203(k) Loan – This loan allows you to buy and renovate a home with a single mortgage.
- Fannie Mae Homestyle Renovation Mortgage – Another great option for financing home improvements.
- Low-Interest Credit Cards – If the house only needs minor fixes, a credit card with a low-interest rate might be an option.
If you’re thinking, “I need to sell my house fast,” these financing options could also help make your home more attractive to buyers looking for Wilmington homes for sale.
Understand the Commitment
Buying a fixer-upper is a significant commitment—both financially and time-wise. Many people underestimate the time and effort required to turn a neglected property into a comfortable home. Without proper planning, you could end up with a house you can’t even live in!
If you’re a first-time buyer looking for a fixer-upper, ensure you have an experienced team of real estate professionals to guide you through the process. The right team can help you navigate the challenges and make informed decisions.
Looking for a Fixer-Upper in Wilmington, NC?
Whether you’re searching for a fixer-upper or a move-in-ready home, we can help! If you’re thinking, “I need to sell my house fast in Wilmington,” or you’re looking to buy, reach out to us today.
Give Jonathan Swanson, Broker @ Sea Gate Realty, Inc. a call at (910) 538-7737 or send us a message—we’re here to help you find the perfect Wilmington property!
