First and foremost, think hard before you buy a “fixer up.” These properties are often very cheap, which makes them very attractive. Often, we believe that the things that need fixing are things we can do with our own DIY skills. However, you are likely to find that you will need to bring in qualified professionals to really do the work. The fees of these professionals may be much higher than you had expected. You should also be wary of properties that have had DIY fixes. People may have done a really good job, at least cosmetically, but the reality is that it may be saddled with problems.
A number of things may also have happened to a property that are very hard to restore. These things include water damage, pest damage, asbestos, mold and faulty wiring. Sadly, in order to see these problems, you may require quite specialized skills yourself. It is very much possible that the sellers don’t know these problems exist. In the cases where they do know that these issues are present, they may take steps to hide them. By simply ensuring the property is very clean and no sockets are used unnecessarily, you are not able to see the problems are there. To find out whether these issues are there, you can organize a professional home inspection, but you can also speak to community members. They will be happy to tell you about any historical issues that have occurred in the area. Generally speaking, major problems like pests, water damage and mold will occur in more than one property.
The bottom line is very simply that a home should never be bought unless a professional inspector has given you the green light. With the information above, you should be able to find out whether you should walk away, or whether hiring an inspector is a good idea. If any problems are present, you can choose to walk away from the property, or you can request a huge discount on the purchase price so you can arrange the necessary repairs. Do also consider the opinion of your home inspector. Home inspectors will tell you honestly whether or not a certain property is worth investing in.