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Phone: 979-693-0201 Email: [email protected]

Myke Leatham | Brazos County Realty

Myke Leatham | Brazos County Realty

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What You Need to Know When Buying a Fixer Upper in College Station

October 24, 2017 by Myke Leatham

If you’re thinking about investing in a fixer upper in College Station, Texas, there’s a number of things you should know before you commit to buying this type of real estate for your family. You have the option to choose a property in need of work rather than one that will require lower maintenance, which you can use to invest money and time while increasing its value over time. For the buyers who are interested in buying and investing in this type of real estate in the College Station real estate market, make sure to learn the pros and cons of this type of home.

Here’s what you need to know when buying a fixer upper in College Station, so you can be prepared to make the right financial move for you and your family in the city this year.

  • Improving your home can be expensive 

The first factor you should think about when you’re considering a fixer upper is the amount of money you’re willing to spend on renovations. Because this type of property will require you to dedicate both time and money to your home improvement efforts, you’ll need to first work out how much you can spend per year on upgrades. You should carry out this step in the process before you get ready to make an offer, as you’ll need to go into the deal knowing how much you can spend now and in the future on your home. If you take the time to hire a contractor to do a walk-through of the house, you can get an even better idea about how much you’ll have to spend on improvements over time.

  • Renovating your home can take time

In addition to considering the amount of money you’ll need to spend on upgrading your house, you’ll also need to think about the impact these changes will have on your life. You have the option to hire a contractor to do the jobs you’re not comfortable doing yourself, which can help speed up the process and limit the possibility of setbacks. Given that you can also attempt the smaller jobs on your own time, you’ll have to take into account the jobs that need to be done and how they’ll affect your day to day routine. The extent to which you’ll be able to work on and deal with home renovations is an important question to ask yourself, so you’ll be sure you can manage obstacles like work areas.

  • Upgrading your home can require a permit

Another consideration when weighing the pros and cons of investing in a place that needs work done is the added cost of getting a permit in some parts of College Station. Because the ability to either make renovations without permission or acquire a permit to depends on the neighborhood, you’ll need to be aware of these limitations beforehand. The requirement of having a permit and the cost of receiving one is part of what you need to know when buying a fixer upper in College Station, so you can be prepared for the financial responsibility that comes with making changes to any part of your home. When you get the right permit and you make valuable adjustments to your property, you’ll have an easier time selling your house, especially when you take time do it right.

  • Buying this kind of home can be worthwhile 

If you’re planning to invest in a home that needs major work, you should make sure that you’re getting a good enough deal to make the purchase beneficial to you. This type of home can come with challenges like structural issues, which can cost you a pretty penny should you choose to buy the home and make the repairs yourself. By hiring contractors like a structural engineer to give you an idea of the time and financial commitment you should make to improving your place, you can get a head start. You should know these estimates before you make an offer to know if you’re getting a worthwhile discount on the home and if you’re prepared to make the necessary improvements on your place.

  • Financing a home needing of work can be costly

One of the other considerations to make before committing to buying a fixer upper is whether or not you’ll be able to apply for and get approved for a mortgage. As you should go through the usual steps of preparing your finances to make a purchase, make sure you have enough savings to pay for your downpayment and closing costs. You should also have a large chunk of cash available to make the most pressing upgrades, so you can cover the costs of home improvement without putting strain on your savings. For the buyers who are planning to finance their homes with a home equity or home improvement loan, apply for it and become approved before making an offer on a place.

  • Calculating the right offer for the home is required  

While you’re thinking about getting a loan to purchase your home and pay for the renovations, you should also ensure you’re making a fair offer on the property. You can take the home’s market value, factoring in the price it would sell for if it were in mint condition, and then take away the costs of repairing and upgrading the living space. Once you figure out how much other houses are selling for in the College Station neighborhood, you’ll have a better idea of how much money you should put forth. The balance between market value and cost of repairs is what you need to know when buying a fixer upper in College Station to know if you’re making the right choices.

  • Carrying out home inspections is essential  

You’ll need to go through the usual process of hiring a professional to inspect the home even when you’re investing in a place in need of significant rehabilitation. Because this step in the process can benefit you as a buyer or lead to added costs down the road, it’s important that you put the right amount of time and effort into this step. A professional can help you spot anything from septic to pest issues, which will help you get ready for the different kinds of replacements and repairs that come with fixer uppers. After you identify the current issues and possible future ones in the home, you can either request the seller to make some of the repairs or give you cash to cover them at closing.

  • Choosing the right improvement projects can increase the home’s value

When you’re in the market for a more beneficial type of fixer upper home, you should stay on the lookout for one that requires basic cosmetic improvements. You can get started with upgrades like paint jobs, floor refinishings and more to increase your home’s market value without spending too much money on making the repairs yourself. If you stick to lucrative improvements like enhancing the bathroom or kitchen at your place, you can enjoy the highest return on investment when you decide to sell your home. The right home improvements can make your purchase of a fixer upper worthwhile, so make sure you’re making decisions to increase your home’s value according to the neighborhood.

  • Doing the work yourself can be rewarding

You have the option to hire a contractor to do the majority of the work on your new place although you can also roll up your sleeves and tackle some projects on your own. Because the necessary home improvements will vary from one home to another in College Station, you can consider different DIY projects while you’re browsing featured properties. The most cost-effective approach to making a fixer upper worth your while is investing your own time on home improvement. Whether or not you’re looking forward to putting in the work necessary to transform your home, this commitment of your own time and money is what you need to know when buying a fixer upper in College Station.

  • Investing in this type of home can come with unexpected costs

Once you’ve come close to making a decision about buying a fixer upper, you should be prepared for the added costs that may arise throughout your time owning the home. You should take your time when thinking about how much time and money you’re willing to commit to improving your place and then save an extra amount to cover future problems. Given that unforeseen costs can require you to spend a percentage of the amount you paid for the home on repairs and renovations, you’ll need to have your finances in order. The possibility of mishaps should be at the forefront of your mind when making this real estate decision although it shouldn’t deter you from taking a chance on a fixer upper.

A home with room for repairs and renovations throughout the years can be a smart investment once you’ve learned what you need to know when buying a fixer upper in College Station. For the buyers who are interested in buying a rundown place in one of the city’s top neighborhoods, you should be able to snag a home far below the market price in the area. This approach to real estate is ideal for people in Texas who love older homes and are ready to dedicate time and money to sell their places for higher rates than what they paid for them.

If you’re looking for more information about this important question homebuyers need to ask their realtor, please don’t hesitate to contact me to learn more about buying a fixer upper today.

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Category: Blog

About Myke Leatham

I’m so glad you found me – your College Station and Bryan, TX real estate source! When you choose to buy or sell a home in College Station/Bryan, TX or other surrounding areas using our expert services, you will receive a free consultation to determine your needs, free listings, and free reports sent to you by email. These weekly reports will show you how hard the members of my team are working to accomplish your property goals, and we guarantee the best service and consultation you have ever experienced. You’ll find the best community information for the College Station, Texas region right here.

It’s nice to know YOUR Realtor will still be of service after the sale.

Experience Counts: Broker/Owner of Brazos County Realty
Over 25 years of sales experience. With past ABR, GRI, CRS, & Epro designations.
Continuing education in real estate: Education is paramount in an ever changing industry like Real Estate. Myke has taken over 1000 hours of real estate specific courses which include but are not limited to: Residential Appraisal, Marketing, Law Contracts I & II, Finance, Residential Inspections, Principles and Practice, Law of Agency, Code of Ethics, Bankruptcy/Easements/Surveys/and Probate, Home Warranties, 1031 Exchanges and hundreds of hours of extensive real estate training.

Reputation: SALES LEADER since 1998; Top Producer 2000 through 2009. Listed among the top agents in the county. Consistently ranked among top realtors for total sales volume out of 900 realtors for commercial and residential real estate in the Bryan/College Station, TX area. When Myke represents buyers, she presents all viable options to her clients, including those properties that are not officially listed, but could be available for sale based on her inside information. Her expertise lies with investors and marketing homes of all price ranges in College Station/Bryan to local, national and global buyers, across all major media channels and through her extensive, personal network of contacts.

Myke is among the top 1% of all Realtors in North America!
She has earned the Designations of ABR (Accredited Buyers Representative), CRS(Certified Residential Specialist), GRI (Graduate of Realtors Institute)CHMS (Certified Home Marketing Specialist), and E-pro (Certified Internet Professional)
Fewer than 3% of all Realtors nationwide earn these certifications. They are not only a symbol of Myke’s commitment to this business, but these designations are your assurance of a skilled, trained real estate professional.

Myke is a consummate real estate professional who not only understands the art of deal-making, but also the art of relationships. She makes the process of buying and selling homes an uplifting and fun experience. She has a tremendous appreciation for Bryan and College Station, its rich history, and Texas A&M traditions having lived in the area for 25 years. Her knowledge of Bryan/College Station’s real estate market and market trends is unparalleled. Having been personally involved with clients through their remodeling, purchasing and selling processes, she knows intrinsic quality and value when she sees it. When she doesn’t see it she lets her clients know, without hesitation.
Myke’s proven track record and affiliations in the field of real estate demonstrates her high level of professionalism.

* High energy and enthusiasm
* Aggressive marketing
* Expert negotiating skills
* Ability to listen and ascertain customer’s desires and needs
* Fun to be with
* Internet savvy
* Because Myke is an experienced investor, she quickly helps her customers locate and define good business opportunities. No one likes the feeling of being ‘sold to’ so Myke provides as much information as possible to help you make the right decision.

Personal Commitment:
I am prepared to go the ‘Extra Mile’ for you, because I understand the financial and emotional significance of purchasing and selling your home. I will carefully listen to your desires and arrive at a workable plan. I believe sensitivity, listening, and service are important keys to success.
Whether you are buying or selling a home or you are just curious about your home’s market value, I’d be happy to provide my market expertise and intelectual property without obligation, or meet with you to evaluate your home for future reference. I want my customers to have a great time and enjoy the total process of purchasing or selling property. It gives me great pride when my customerspass my name on to their friends and family. I will continue to work hard to make sure critical information is available at www.AggieRealEstate.com and I invite all interested investors to search my site for cash flow opportunities. I will dedicate my time and talents to helping you achieve your goals. It is my goal to make your buying and selling experience extraordinary. Look closely and you’ll see how much I love meeting and working with people. You’ll experience the difference in working with an experienced and dedicated professional.

Personal information:
Michelle goes by ‘Myke’ and is the proud mother of 6 children – 3 girls and 3 boys. Her husband is David Leatham. They met at Brigham Young University. They have been married since 1977. David is a finance professor, and Associate Head over graduate studies in the Agricultural Economics Department at Texas A&M University, and speaks fluent Spanish. They have lived in College Station since 1983 and loved every minute of it. Myke loves to quilt, sing, swim, ‘sing’, bake bread, ‘sing,’ garden, ‘sing’, sell real estate, and ‘sing some more’ :-). Family, church, and real estate consume most of her time. Truth, honor, integrity, kindness, loyalty, gratitude, and service are very important words to her.

Slogan: ‘Let Myke Help You With Your HOMEwork!’

Referrals: The highest compliment I can get is when you pass my name on to others or post a kind remark on the internet. When you send your friends and family my way, I’ll always provide them with the highest quality of service that I know you would appreciate. Thanks in advance for all your support and friendship.

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