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Fixer-uppers

The often heard phrase "Buyer Beware" is never more appropriate than when considering the purchase of an Olympia WA fixer-upper. You really need to know exactly what you're getting into before buying a fixer-upper in Thurston County.

It's commonly believed that fixer-upper properties represent easy money that is ripe for the taking - that you can buy it, do a little work on it in your spare time, and then resell quickly for a large profit. Usually, this simply isn't the case. Although, with proper planning and foresight, good profits can be made by buying "distressed" Olympia Washington properties at less than market value, making appropriate improvements and repairs, and then reselling. And, for many first time Olympia buyers who intend to live in the house while working on it, buying a fixer-upper can be the very best option. It's less risky buying a fixer-upper when you can live in the house while fixing it. And of course, by living in the house for at least 24 months you should be able to avoid paying regular income taxes on the profits.

The most important thing to know before making a decision on such a purchase is what needs to be fixed. Any time you are spending money on improving an Olympia home with the notion of selling it later, strive to spend your money on things that Thurston County buyers can easily see. Things like new paint and removing trash from the property cost little but have instant impact on curb appeal. Olympia WA Houses that have only cosmetic problems like peeling paint, a trashy yard, bad carpet or wallpaper are the best bet. This is especially true for the first time Olympia WA buyer looking to live in the Thurston County house for a while before reselling. Fixing and cleaning cosmetic issues is fairly easy and inexpensive. It virtually always gives gives a good return on investment, particularly when you can do the work yourself. Kitchen and bathroom remodeling usually pays a nice return. Don't be afraid of buying an Olympia Washington fixer-upper in need of this kind of repair. Properties with structural damage, or a floor plan that requires major work to remedy, usually can't be "fixed up" at a profit.

Always have an inspection for hidden damage performed by a home inspector or construction professional before buying a fixer-upper. Make sure that satisfactory completion of such inspections are a condition of purchase in any contract you sign. Then be sure to negotiate to try and get the Thurston County Washington seller to pay for all or part of the cost of needed repairs uncovered by the inspection. Often, Olympia WA sellers will be willing to lower the sales price to sell the home "as is" instead of paying for the repairs.

Be careful that you don't over pay. Especially if you plan to resell quickly, paying too much for your Olympia Washington home up front can doom your plans for quick profit. Research the Thurston County real estate market for reselling and have an exit plan for selling the house in place before making an offer.

Calculators!

If  you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed.