Most buyers want a home that is in tip-top condition and ready for them to occupy, but many homes go for lower prices because they need work. Some buyers love "fixer-uppers" for the obvious reasons: the price and the satisfaction of designing something attractive. Whether you are buying the property for yourself or as an investment, choose a house that is in a good location and structurally sound. It should be priced enough below market value to allow plenty of room for a profitable re-sale after the work is completed.
It is important to educate yourself before taking on such a project. For example, inexpensive cosmetic improvements often give the greatest return-- paint will increase the value three times for every dollar invested. Landscaping, carpeting, and light fixtures are also relatively inexpensive improvements. Expensive structural improvements, such as a new roof, plumbing, wiring, or foundation repairs, usually do not add as much to the market value of a home. Remodeling a kitchen will rarely add more than the cost, but new appliances usually give a fine return. An updated bathroom is the best renovation from an investment point of view.
It is important to talk to your Realtor before making any significant improvements. We have a list of recommended home improvement contractors and builders in the Kosciusko County area to share with you, just call the Warsaw, IN or Syracuse, IN office.
