Money is the most important factor when you’re investing in a property. Whether it’s for commercial or residential purposes, it’s the same way. You’re going to need some capital to be able to buy a house or a place for a shop.
One way to make property investments more affordable is to buy a fixer-upper. Because it needs repairs to be fit for use, it has a lower market price. But some properties are so beyond repair that you’re going to need a demolition crew instead of a general construction contractor to make it functional again. Here are the three differences between a fixer-upper and a property that can’t be helped:
1. Foundation Integrity
How can you trust a building or a home to last if it doesn’t have a sturdy foundation? It’s not only inconvenient and unattractive. Some signs of foundation damage are deep wall cracks and sagging floors. It can also be very dangerous. When it’s ignored for too long and left to worsen, it can eventually cause the property to give in. Extensive foundation damage is one of the biggest signs that a house is better off for demolition rather than a renovation.
On the other hand, if only minor damage is evident, you can save money by having it repaired instead. Some problems may be caused by water damage while some cracks can be easily filled. The best way to identify the problem is to hire an engineer so you’re sure it will adhere to the building code.
2. The Intent for the Property
If your purpose in buying a house is to use it as a store, you may be better off rebuilding from the ground up. Depending on the design of the house, it may have too many rooms that you’re not going to need. For example, if you plan to open a restaurant, you’ll need a big room for the dining area and another for the kitchen.
The current size of the interior may not be enough. If you’re going to demolish it, you have more control over the finished look. You can plan for a receiving area, staff rooms, and even future expansions. Plus, if done right, your store or restaurant can be deemed Instagram-worthy and attract more customers.
Properties have their fair share of pests and bugs. While some can be solved with pesticides and a call to the exterminator, others may be too far gone. If left to fester, it may be so bad that the local government is forced to intervene. It’s not only unfit to the health of its inhabitants but it can also affect the neighbors’ properties. You can get the bottom of the problem by contacting pest control experts. They can get rid of the insects and other unwanted inhabitants in the property. On top of that, they can also tell whether the situation can still be salvaged.
When buying something as important as a property, it’s important to look at all options. You don’t have to buy something that’s move-in ready. You can also invest in something that needs a little fixing up. It can even save you more money in the long run.