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Buying a Fixer-Upper Apartment September 25, 2014

Flatiron District, Manhattan
Buying a Fixer-Upper Apartment, Manhattan, New York

When searching for any apartment or house, the crucial decision of whether you want to buy a move-in ready space or a fixer-upper needs to be decided. Beyond changing the paint color and the hideous window treatments from the prior owner, you need to evaluate the work that needs to be done to make this space your home. 

At Re/Max, we are passionate about all things real estate and have some tips about how to make your fixer-upper purchase a successful one. Read on to find out how to make the most of your new home. 

Knowing as much information about the building and unit as possible before you make a purchase can make a world of difference. For example, making sure the exterior and the “bones” of the apartment and building are in good condition is always a good starting point. After buying the apartment, you don’t want to realize later on that there are issues with the plumbing and heating.

Hiring a home inspector is definitely something to consider, if it’s not already required. Inspectors not only check on the unit to make sure everything is functioning properly, but also inspect the building and its foundation. This way you can make sure that there are no hidden surprises on move-in day.

Buying a fixer-upper means that you can personalize your home as much as you’d like. You can literally create the home of your dreams, and working with your contractor can allow for a larger pool of ideas for creative use of space. Over the past couple of years, real estate brokers have noticed an increased demand for fixer-uppers.

Although you want to improve your property, you don’t want to overdo it and watch your space turn into a money pit.  You need to find the balance of adding value without overindulging. If you decide to tackle some do-it-yourself projects, Home Depot offers free workshop classes at all different experience levels. But beware of what you’ll be getting yourself into before starting a new project; large scale renovations can end up time-consuming or even make the space unlivable.

While you are in the construction or renovation phase it may seem like chaos, but don’t forget why you chose the space. Was it because the property is in a good neighborhood? Are there unique details within the apartment? Are you getting a lot of space for your money? These aspects are things that can’t change and can help you make a great return on investment.  

Apartment hunting and renovating is always tricky. Whether you want to learn more about home buying, property selling, home inspection, mortgages and more, we can help. Visit Re/Max online at: http://www.remax.com/ and get answers to all your questions. Good luck! 

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