Home Sweet Money Pit?

Many Americans bought homes in the last four years. The pandemic caused some renters to get antsy in their tiny apartments, and many sought out greener pastures.

It went well for most folks, but some, being on a limited budget and buying a ‘fixer-upper,’ have bitten off more than they can chew.

Unexpected repairs, some serious, are causing some folks to second-guess their white-picket-fence American Dream.

So what do you do if you’re one of them? Should you bail on your money-pit or keep going?

Step one: assess the situation. If you didn’t get a home inspection, get one. A reputable, licensed home inspector can help you make a list of the must-dos, the should-dos, and the don’t-dos.

The next step is to price out the high-priority items. If you can’t DIY it, get multiple quotes for each job. Don’t be afraid to get quotes from out-of-town companies. Sometimes, they subcontract out to local workers at better prices. And remember, most quotes are free, so it’s worth calling around.

Now that you have the price, consider the value. What’s the current real estate value of your home in its current condition? What is the market like in your neighborhood? If you proceeded with the repairs and sold, would you be able to recoup your money?

Lastly, do you have the stomach to handle the stress of all these repairs and renovations?

That’s a big thing to consider!

If you find yourself in this situation and insist on sticking with your investment commitment, you might wonder where the money will come from. There are several funding options available for homeowners looking to improve their properties.

This is just one of the many things I can help you with as a financial advisor, and if you’d like to know more, let’s go over it in a 15-minute consultation. – just click the buttons below.