Five Tips for Successfully Buying a Fixer in Hampton Roads

Buying a fixer can present challenges but in Hampton Roads, it can come with the promise of many rewards when following five simple tips.

1. Know Your Limitations. When considering buying a fixer, know what you can take. Some buyers may feel overwhelmed at picking up a paintbrush. Others may think it's perfectly acceptable to completely gut a house, and start from bare bones. Which type of buyer are you?
2. Make a Plan. Investing in real estate can be a wild ride for those who do not have a set plan beforehand. Determine the purpose of the property you want to buy in Hampton Roads. Will this be your primary residence, a second home, a rental property or a home you hope to remodel and resell? Answering these questions will help you determine your budget, and can lead to a successful outcome.
3. Get Help. Those who do well in this business know they need professional help to find, acquire and renovate these special properties. Our agents have the know-how to locate properties with the most potential, leaving buyers happy and ready for more.
4. Establish a Time Frame. Depending on the scope of work needed, time is a factor in restoring a fixer-upper back to its original glory. Sit down with one of our agents and determine the amount of time you want to spend when buying a fixer, so he can find properties in Hampton Roads that will adhere to your time constraints.
5. Get Financing. Once a budget and timeline are decided, it's time to figure out the finances. If you won't be paying cash, a loan officer can see if you qualify for some of the government loan rehab programs available.

Buying a fixer in Hampton Roads can be a fun journey on the road to profit.