In 2018, renovation shows on cable television networks such as HGTV and TLC have found renewed interest, and not only among viewers who enjoy living vicariously through the efforts of home buyers in search of the perfect fixer-upper. Even Netflix has its own fixer-upper series, Stay Here, which puts a millennial twist on home renovation by showing homeowners trying to make their properties look good for Instagram or Airbnb.
The fixer-upper market in Irvine isn’t as extensive as in other parts of California. However, there are some great deals to be found here. If you’re in the market for a home that’s in need of repair, here are six considerations for you to evaluate.
1. Don’t Enter the Market without Professional Assistance
Shopping for a fixer-upper requires a real estate agent plus a home inspector. Even if you have previously acquired properties, the potential for making costly mistakes increases substantially when looking for this kind of listing. No matter which neighborhood you prefer, whether it’s Oak Creek, Columbus Grove, or Westpark, Irvine homes for sale offer a wide variety of options for buyers who want to renovate.
2. Turn Home Inspection Reports into Contingencies
Some fixer-upper listings will be in worse shape than others, but this doesn’t necessarily mean you have to accept a dismal state of disrepair. A property that is way out of compliance with Irvine building codes may not be worth its discounted price. Nonetheless, motivated sellers may accept contingencies that prompt them to make some improvements or lower their asking price.
3. Remember That Form Always Follows Function
Assuming you intend to occupy the property, you have to make sure it will work for you and your family, which means making sure it’s structurally sound or can be brought to functionality without too much effort. A badly damaged roof may require more work than your family can withstand and your wallet can afford. Don’t worry so much about décor, as it can always be managed in various affordable ways.
4. Keep Resale Value in Mind
This advice applies to all real estate acquisitions, but it resonates even more with properties that require some sweat equity to bring them back on the market at a nominal price. Since you’re house hunting in Irvine, you have the upper hand because of the great location, but you must also consider the feasibility of being able to sell the property in the future.
5. Draft a Realistic Budget
After the home inspection report, you may also want to get an opinion and an estimate from a contractor to give you an idea of how much you’ll have to spend in terms of renovation goals. Your budget should always be higher than the contractor’s estimate by at least 10 percent.
6. Build a Relationship with Your Real Estate Agent
Before signing the purchase agreement, you should sit down with your agent and talk about the resale potential of the property. Run various scenarios that include flipping the home right away, bringing the property to code compliance, and improving its curb appeal for maximum profit. The goal is to entice and motivate the agent to continue working with you.
Buying a fixer-upper can be both exciting and exhausting. You may be able to save a lot of money, especially if you do most of the renovations yourself, but make sure to consult professionals throughout the process so it goes as smoothly as possible. If you’re looking for just the right fixer-upper in Irvine, reach out to Irvine Residential Living. Our agents will help you find those hidden gems, whether you’re looking at single family homes, townhomes, or condos for sale in Irvine, CA. Call 714-454-6304 today to schedule an appointment with one of our trusted real estate agents.