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Fixer Uppers

Wednesday, November 15, 2023   /   by Annie Junker

Fixer Uppers

Fixer Uppers
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What You Need to Know About "Fixer Uppers"

Buying a fixer-upper home can have several advantages, but it also comes with its own set of challenges. Here are some advantages and considerations:

Advantages:

  1. Lower Initial Cost:

    • Fixer-uppers are generally priced lower than move-in-ready homes, allowing buyers to enter the market at a lower initial cost.
  2. Personalization:

    • Renovating a fixer-upper gives you the opportunity to customize the home to your taste and needs. You have control over design choices, layout changes, and materials.
  3. Potential for Increased Value:

    • With strategic renovations, you have the potential to increase the home's value. This can be advantageous when it comes time to sell, providing a return on your investment.
  4. Learning Experience:

    • Renovating a fixer-upper can be a valuable learning experience, especially if you enjoy DIY projects. It allows you to gain knowledge about home improvement, construction, and design.
  5. Investment Opportunity:

    • Some buyers purchase fixer-uppers with the intention of renovating and selling for a profit. If the market is favorable and renovations are done well, this can be a lucrative investment.

Considerations and Work to Expect:

  1. Budgeting Challenges:

    • Renovations often come with unforeseen expenses. It's crucial to have a realistic budget, including a contingency fund for unexpected costs.
  2. Time Commitment:

    • Renovating a fixer-upper takes time, and it's common for projects to take longer than initially planned. Consider your timeline and whether you have the patience and resources to manage a potentially extended process.
  3. Skill Requirements:

    • Some renovations may require professional expertise. Be realistic about your own skills and consider hiring contractors for tasks that are beyond your capabilities.
  4. Prioritization of Projects:

    • Not all renovations are equal in terms of impact and cost. Prioritize essential projects such as structural issues, electrical, and plumbing over cosmetic upgrades.
  5. Building Codes and Permits:

    • Check local building codes and obtain the necessary permits for your renovations. Failure to comply with regulations can lead to legal and financial issues.
  6. Resale Potential:

    • Consider the resale potential of your renovations. While personalization is essential, overly unique or specialized features may limit the pool of potential buyers when you decide to sell.
  7. Inspection:

    • Conduct a thorough inspection to identify all potential issues. This will help you assess the scope of the work and avoid unexpected surprises.

While buying a fixer-upper can be a rewarding investment, it requires careful planning, budgeting, and a realistic assessment of your skills and resources. If approached strategically, a fixer-upper can become a dream home or a profitable resale property.

If you have any questions about fixer uppers or if you are ready to begin your search, let's talk!  804-350-0879 | chris@smallre.net


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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

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13213 Edmonton Drive
Tarrington | Chesterfield
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BRAND NEW TO THE MARKET!  
2112 Hanover Avenue
Fan District
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2412 Kensington Avenue
Fan District
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10800 Millington Lane
Royal Oaks | Henrico
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6 South Arthur Ashe Boulevard

Museum District
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26 East Square Lane

Randolph Square
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Additional resources
 
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the links below:
 
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
chris.findahomerichmond.com
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3103 Ellwood Ave.
Richmond, VA 23221
804-353-1250

Listings Last Updated: May 29, 2024 Feed Last Updated: May 29, 2024

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