The Fixer-Upper Aptitude Test… created in 2005 and improved for TODAY!
SHOULD YOU BUY A FIXER-UPPER?
YES: You’re a contractor who needs to keep his/her crew busy.
YES: It’s all you can afford. You have the time, skills, patience - - - plus lots of friends, and/or a strong marriage!
YES: You can judge values well. You know how to keep costs (and emotions) under control, and can act decisively. A certain degree of risk energizes you.
YES: You’re a smart husband whose wife is handy. You don’t know how to fix things, and you’re tired of pretending otherwise. Oh, and . . . of course, your wife wants to buy the property!
NO: You’re an armchair shopper with every “Fix it Up & Get Rich” book, but you're indecisive. If you can’t jump in the water, it's no problem . . . it's fine to invest elsewhere! Real Estate investment can be frightful, and the payoff is seldom immediate.
NO: You enjoy “fishing,” but only at 30% below asking price. It works . . . in Home-Improvement Fairy Tales. You’re waiting for a foolishly under-priced home, or a seller who is asleep at the wheel. Yes, we all dream of that elusive pot of gold that “just needs paint & carpet to double your money,” but dozens of other buyers are looking for the same deal.
NO: You have extremely high standards for improvements, aren’t able available to bring your own tool box to the jobsite . . . and yet, you like to pinch pennies. If you DO buy a "bargain" home, you might just make your contractors rich! Fixers are seldom a great choice for the thin-skinned . . .
NO: Your Realtor buys all the great deals.
YES: You found a Realtor who doesn’t do that! (Guess who?)
NO: You’re an endless optimist, attested to by your F.S.F.S. (friends, spouse, and/or former spouse). You see a potential swimming pool in a mud puddle. Gazing at a sinking foundation, you mumble, “Heck . . . just a few weekends . . .”
SHOULD YOU SELL YOUR FIXER-UPPER?
YES: It’s falling apart, you can’t keep up; life is a drag! Your F.S.F.S. tell you it’s time to throw in the towel. You’re a victim of pride or optimism; worse yet, you’re short on skill, time or judgment . . . until now!
YES: You've been waiting for the market to "peak," in order to reap the greatest profit. Well, if you're alive you know the news . . . the peak might be HERE NOW! The mountaintop isn't easy to see when you're too close!
YES: Your investment rental is occupied by a ne’er-do-well cousin-in-law. You’re tired of keeping it up, having trouble with tenants…perhaps you’ve moved away and can’t manage it well. Maybe it’s draining your cash. Neglected repairs threaten your solvency/sanity. My advice: sell now, before the roof leaks (again)!
YES: Your dream failed; in fact, you regret ever buying the house you live in. It's NO FUN, and you secretly crave a condo, mobile home, Mom’s house, a Tiny House. Dr. Casey says, “Friend, life is short. It’s time to swallow your pride . . . BE FREE!” Heck . . . you’ve probably made money regardless, even as the paint peeled.
NO: Are you deluded . . . or simply greedy? Yes, you'll sell your ‘64 Ford Falcon, BUT . . . only at the price your neighbor got for her ’64 Corvette! Your house might be a “classic,” but sadly, only the market will determine its value. Please, just wait until you’re ready to face that fact!
YES OR NO: You and two siblings can’t agree whether to fix up your inheritance, or sell now. You argue while the house sits vacant. Is this what Mom wanted?
Mom's advice from the grave: Make a decision & move on with life. Call Casey Spencer! 530-277-6405.