Fixer Upper: Character or Money Pit?
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Do I want an older Miami home or a new construction Miami home?
There are a lot of great older homes in the Miami area. Classic bungalows and Art Deco architecture and dot the greater Miami area and maybe one of these homes is just right for you. Older homes come with their share of history and character, but they can also come with problems, be they plumbing, electrical or even structural. If you are going to buy an older home, especially a "fixer upper" then you need to arm yourself with knowledge.
- Is this something you can do yourself or are you going to need professional help? If you are going to need a contractor, make sure you get a ballpark on what your repairs or renovations are going to cost before you sign on the dotted line. You may be able to negotiate a better price.
- Do you have the money and time to invest? If you are going to be a weekend warrior in the house rehab game, and there is a substantial work to be done, be wary. You don't want to live in chaos for years. Additionally, the chances are that other repairs will reveal themselves down the line. An older home needs upkeep.
- How are the home values in the neighborhood? Make sure you buy a home in a Miami neighborhood where real estate values are moving up. That way, even if you decide your older Miami home is not right for you, you'll still have made some money on your investment.