5 Pro Tips to Help You Find the Perfect Fixer-Upper
On the hunt for that elusive diamond in the rough? Real estate wizard Randy Florke shares his top tips on buying a fixer-upper.
As founder and president of The Rural Connection, a real estate company based in Upstate New York, Randy Florke has purchased and restored more than 40 old farmhouses, creating gracious and comfortable homes from these diamonds in the rough. When scouting a property, which qualities catch his eye, and what are the red flags that make him walk away? Read on for pro tips on buying a fixer-upper.
1. Location, Location, Location
“If a house has an amazing location, there’s almost nothing in the way of renovation hurdles that get in my way,” Florke says. “My dream location is all about privacy. I love a house that’s set back from the road. If it’s also got a great view or a water feature, such as a pond or creek—those are both bonus features.”
2. Budget for Renovation Costs
“When I first tour a house, I’m thinking about what I’d like to change and what needs to be done,” says Florke. “By the time I walk back out the door, I already have a preliminary idea of what the renovation costs might be.” These costs, Florke continues, have to be factored into your overall budget. If you’re unsure about the costs yourself, ask someone you trust to come along and offer you an honest estimate. “It’s essential that you know what you’re getting into.”
3. Focus on Roofing and Foundations
Issues with roofs and foundations often scare off potential buyers, according to Florke, but if you adore the house, ask a contractor to take a closer look. “I’ve bought many houses with both of these issues,” he says. “Provided the cost to fix them properly is within your budget, it could be a great opportunity.”
4. Know Where to Draw the Line
Repairable roof and foundation problems aside, Florke would pass on an old home with termites or significant rotting. “If a roof has been left in disrepair for too long, a house will rot from the inside out. That’s not worth an investment.” But don’t rush to dismiss the land on which the tear-down is sitting. “It you’re in love with the location and your budget allows, you can raze the old house and rebuild a new one in a similar style.”
5. Stay Positive
If you’ve found an old home you feel is perfect for you but have reason to believe the renovation costs will not realistically fit into your budget, “walk away,” Florke advises. “There will always be another house to fall in love with.”