Are you addicted to HGTV and home makeover shows? Well, taking on a ‘Fixer Upper’ seems to be the ‘new thing’ these days. They make it look so easy on TV, which might make you think you can take one on yourself.
There are a few reasons people take on a fixer-upper property. One might be because fixer-uppers are notoriously cheaper initially, therefore giving the homeowners years to tailor it to their taste. Another might be because homeowners see a run-down home in a mature neighbourhood. Many buyers will sacrifice their time and effort to renovate because of how much they love a certain neighbourhood. Finally, some may choose to "flip it" and sell the home for profit.
Whatever your reason is before you buy a fixer-upper consider these 5 things.
You’ll want to work with people who are reasonably priced but who are also trustworthy. Do you currently have the right contacts who can help you find the right property? Once you have the house do you have names of quality contractors, electricians, and plumbers who can help you get started?
If you’re working at a full-time job and have a long commute, this might not be a realistic option for you. After a busy day of work, the last thing you want to come home to is a half-finished house.
If you take on a fixer-upper with your kids remember how important it is to instil a sense of routine in their lives. The first area of the house you should fix should be their bedrooms and bathrooms. You will also want to find ways to get them involved in your home project so you don’t miss spending time with the ones you love.
As we mentioned above, one of the most common reasons people buy a fixer-upper is because it's much cheaper than a newly renovated house. That being said what will end up costing you is the renovations. If you have your eyes set on a certain house sit down with a contractor and go over renovation costs before you put an offer in. You will have a tight deadline but it will help you get a better idea of how much your fixer-upper will actually cost.
Having ‘me time’ is important and highly underrated. Make sure you still have enough time for daily activities that you love and look forward to.
If you feel like you’ve asked yourself the right questions and you’re feeling confident with your answers, then maybe this is the right avenue for you. Start by scheduling a meeting to talk with a real estate agent. They’ll be able to give you a better picture of what the market is like for your price range and help you find the right house for you.
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