The Diamond in the Rough—Finding True Gems in Real Estate

Couple holding key to new houseIf you were advised to buy ugly houses, would you do it? Chances are, you’ll think the person you’re talking to must be crazy. However, this advice is quite sound—as long as you know what you’re looking for.

What are Your Plans?

Are you going to live in this house or buying to sell? This can heavily influence what you need to consider when it comes to the size of the house, its layout, whether or not it has a yard, a garage or a pool.

Check the structural integrity of the house. The foundation should have no cracks and the framework stable and secure. This will provide you with an excellent starting point, regardless of how ugly everything else might be. If you don’t know how to check this for yourself, get a knowledgeable friend to come along.

DIY or Hire a Pro?

Your skill level and knowledge in home renovation come into play here. Some TV shows feature individuals who do their renovations and succeed. Others try to do it themselves but fail. Figure out the extent of the work that needs to be done on the house. If the repair work is simple enough, chances are you can enlist the help of some friends and ask the hardware store to pre-cut what you need for you. Dilapidated houses are likely to need more than just simple patchwork, however, so consider hiring a pro instead. It will save you time, money, and frustration.

Have Anything to Add?

Another good reason to hire a pro is if you want to make changes to the existing layout of the house. This extends past the number of rooms: sometimes, you may have to change the layout of the pipes and wiring as well. Having these adjustments done by a professional means everything will be done correctly and up to code—very important, especially if you plan to flip the house.

The idea behind buying ugly houses is sound: you can get them at well below market price. And as long as the renovation is done correctly the value of your purchase is sure to increase making the property a worthwhile investment.