{"id":6192,"date":"2021-06-25T03:13:34","date_gmt":"2021-06-25T10:13:34","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=6192"},"modified":"2022-08-08T04:01:15","modified_gmt":"2022-08-08T11:01:15","slug":"how-to-find-a-fixer-upper-in-austin-and-make-the-most-of-it","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/how-to-find-a-fixer-upper-in-austin-and-make-the-most-of-it\/","title":{"rendered":"How To Find A Fixer Upper In Austin And Make The Most Of It"},"content":{"rendered":"

Austin\u2019s real estate market is on an upward trend, fueled by economic growth and low interest rates. Big corporations like Google, Tesla and Oracle are moving operations to the city, creating a steady influx of high paying jobs. This, in return, leads to numerous corporate relocations, on one hand, and to an increased inbound migration from professionals looking for better job. Mortgage interest rates are also at historic lows<\/a>: the 30-year fixed rate is around 3%, while the 15-year rate is slightly above 2%. Thus, it\u2019s not surprising that home sales are booming in Austin<\/a>: the median sales price rose almost 42% year-over-year this April, to an all-time high of $460.000.<\/p>\n

Are there any chances of finding a bargain in Austin\u2019s tight housing market under these circumstances? Much like in other competitive markets, good deals often take the form of a fixer upper. A house that might not seem like much at first glance but satisfying the prospective buyer\u2019s budget and location needs can be converted into a dream home.<\/p>\n

One of the main advantages of buying a fixer upper is obviously price, which will most likely be lower compared to a fully remodeled or a brand-new home. True, you will invest some, or even all, of the price difference into remodeling the fixer upper, but here comes the second advantage \u2013 you get the opportunity to redo everything<\/a> so that it suits all your wants and needs. It\u2019s hard to find a turnkey home that perfectly fulfills your taste and preferences in terms of interior design<\/a> and layout. If you\u2019re not afraid of taking on big projects and getting your hands dirty, literally, here\u2019s how to find a fixer upper in Austin \u2013 and make the most of the whole experience:<\/strong><\/p>\n

<\/span>1. Search in all the right places<\/strong><\/span><\/h2>\n

The chances to find a fixer upper that\u2019s worth buying increase as you move away from the most popular neighborhoods and start looking at areas that are not quite as fashionable yet. With the real estate market in Austin already soaring, chances are that in no time, all its neighborhoods will be \u201cup and coming.\u201d Central Austin is full of gems in need of a few repairs, as are Anderson Mill in the northwest region of the city, MLK on the eastside and Cherry Creek in far south Austin. Suburbs like Redwood, Elgin and Lockhart, that come with a low cost of living<\/a> and lower than average housing costs should also be high on your search list.<\/p>\n

\"\"Make sure you keep an eye on words like \u201cfixer-upper,\u201d \u201cgood bones,\u201d \u201cTLC,\u201d \u201crare opportunity\u201d and \u201cfull remodel needed\u201d in the property description as you browse listings.<\/p>\n

<\/span>2. Take the initiative<\/strong><\/span><\/h2>\n

Finding a good fixer-upper involves a lot of leg work. Search for listings on different platforms \u2013 the homes labeled as short sales are usually not in great shape and require work. But don\u2019t stop at that.<\/p>\n

You should also drive around the neighborhoods you\u2019re interested in to spot fixer-uppers. If you notice homes that don\u2019t look lived in, with a neglected exterior, there\u2019s a very good chance they\u2019ll be listed for sale soon, if they aren\u2019t already. Ask people in the neighborhood the details about such houses \u2013 most will be glad to share details, as nobody wants neglected homes on their street \u2013 and see if you can obtain the owners\u2019 contact information. This method could help you jump-start your fixer-upper house hunting, and you might end up landing a sweet deal.<\/p>\n

Foreclosure auctions are another way of finding fixer-uppers, and most banks and lenders post the foreclosed properties on their websites. Also, tax delinquent properties are a matter of public record, so you should regularly check Travis County Tax Office<\/a>\u2019s data on such properties \u2013 it doesn\u2019t necessarily mean all tax delinquent properties are for sale, but there\u2019s a good chance you\u2019ll find some fixer-uppers for sale among them. Also, you can look for real estate flyers<\/a> attached to the local newspapers to get a hand on the information.<\/p>\n

<\/span>3. A thorough inspection of the property is mandatory<\/strong><\/span><\/h2>\n

Hire a home inspector to perform a detailed inspection of the property and list all the problems that must be remedied. Apart from the cosmetic repairs, you will notice at first glance there\u2019s a very good chance that a fixer-upper also has some hidden issues that are more complicated and expensive to fix. The home inspector will look at all the elements of the house<\/a> (foundation, roof, electrical, plumbing) and draw up a report that includes everything that must be fixed. Based on that information, you can decide whether it\u2019s a fixer-upper worth pursuing or if you should keep looking.<\/p>\n

<\/span>\"\"4. Build your budget carefully<\/strong><\/span><\/h2>\n

Take into account the home inspector’s report with the mandatory repairs and the other changes you plan on making, and come up with a total budget \u2013 how much it will cost to completely renovate the fixer-upper. It\u2019s a good idea to ask a contractor for the price estimate \u2013 one from a professional is a lot more reliable than a price estimate you calculate yourself. If the remodeling costs are higher than you initially hoped for, you can use the price estimate to negotiate a lower selling price with the owners of the fixer-upper home.<\/p>\n

<\/span>5. Thinking of tackling the renovation yourself? Make sure you can deal with the challenges of a DIY project<\/strong><\/span><\/h2>\n

That\u2019s a difficult decision, and there are pros and cons for each alternative. A DIY remodel will probably be cheaper and surely rewarding, but you risk biting off more than you can chew. There are a few things to keep in mind to make sure your DIY home improvement project is successful:<\/p>\n