If you’ve been looking at real estate in Phoenix or Scottsdale, AZ, you might have noticed something surprising: The amazing opportunities to invest in a historic home in great neighborhoods all throughout the Phoenix metro area.
If you choose a historic property for your fix and flip, you are appealing to discerning buyers who often have a clear vision in mind and the funds to make it a reality. Let’s review some tips to get your historic remodel done right:
Keep an Eye Out for Water Where It Shouldn’t Be
Even out in the middle of the Arizona desert, this is still one of the most important things you can prioritize while touring a house. Water damage is a serious issue for older structures – and although mold doesn’t proliferate quite as well in the dry air, it can easily render a home uninhabitable.
Start Small if You’re on a Budget
Older homes can come with their fair share of surprises, so it’s good to proceed with caution. Not only will you save money by tackling the work a small piece at a time, but you can learn about the property as you go. This helps avoid unexpected issues with wiring, the roof and more.
Start With the Roof, Windows and Masonry
In a place with soaring heat during the day and aching cold at night, the outer envelope of any home is key. Buyers shy away from a shabby roof, looking ahead to when they’ll have to replace it themselves. New windows can reduce heat transfer and make an old home more energy efficient.
Embrace the Quirks
Refurbishing an older home while maintaining its unique style is one of the toughest balancing acts you can face in a fix and flip. Remember, potential buyers are looking for character. Avoid remodeling that brings the floor plan in line with modern trends and saps its charm.
Remember: Older Homes Come with Old Problems
There’s no way around it: Older homes are simply more temperamental than newer ones. You should invest in a complete professional inspection of the property, especially if you’re planning to buy “as-is.” This will let you know if there are issues that might be too pricey to fix.
If you’re looking for the private money lender Arizona trusts, look no further than Capital Fund 1. We offer hard money fix and flip loans that will start you off on the road to success with your fix and flip real estate project – whether you’re remodeling historic homes or any other property.
Apply today for hard money loan. We look forward to helping you turn your ideas intro reality!
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