Most buyers want a home that is in tip-top condition and ready for them to occupy, but many homes sell for bargain prices because they need work. Buyers love "fixer-uppers" for the obvious reasons: the affordable price and the satisfaction of remodeling the house to accommodate your tastes and needs.

Whether you are buying the property for yourself or as an investment, choose a house that is in a good location and structurally sound. It should be priced enough below market value (usually 25%) to allow plenty of room for a profitable re-sale after the work is completed.

It is important to educate yourself before taking on a fixer-upper project. Inexpensive cosmetic improvements often give the greatest return on your investment-- paint will increase the value three times for every dollar invested. Landscaping, carpeting, and light fixtures are also relatively inexpensive improvements. Try to avoid purchasing a house that needs expensive structural improvements such as a new roof, plumbing, wiring, or foundation repairs.

Remodeling a kitchen will rarely add more than the cost of the upgrade, but new appliances usually give a fine return. An extra bathroom is the best renovation from an investment point of view, often giving twice its cost in added value.      

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Diane Lenahan
Wolf Run Realty
12644 Chapel Road
Clifton, VA 20124
www.WolfRunRealty.com
Phone: 703-283-7328
Fax: 703-997-8933
Email: DLenahan@WolfRunRealty.com
Email: DLenahan@TheWolfRunGroup.com

NVAR & PWAR Million Dollar Sales Club, Lifetime Top Producer, serving my clients in Northern Virginia, Clifton, Fairfax Station, Arlington, and Alexandria for over 12 years, and Belmont Bay in Woodbridge since 2005.