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Buying a Fixer Upper

(Published on - 7/30/2020 8:18:41 PM)

Buying a fixer upper is not for everyone, in fact, if you do not love a good challenge or project, it is more than likely not for you. The people who love old homes tend to love them because they can work on them. On top of the project, you are snagging a great deal on a home. It is probably a rundown place in a decent neighborhood for way below the market price. Essentially, the money you are saving on the home can be money used to fix up the home. All you need is time and energy, and you can turn this investment into the home of your dreams. It sounds like a great plan for those who like the idea of a project, but it is work and with that comes a lot of decision making and we are here to give you a clear and realistic vision of what you would be getting yourself into.

Be realistic with what you are willing to take on

Really think about what you are willing to do and not do. Fixer uppers come in all types, sizes, and workloads. Before exploring fixer uppers, because it will be overwhelming to look at, think about what you are comfortable with. There are minor projects that consist of repainting and laying tile down, and then there are major projects that consist of serious structural work. The magnitude of the project you are willing to take on will set the tone when looking for homes and will help make the process not as stressful. If you cannot commit the time, money, or effort, then maybe rethink the kind of fixer upper you are willing to take on or rethink the whole investment; the price may be appealing, but at the end of the day, more than that matters.

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              Minor                                                                 Major 

Think about location

A big thing to thing to think about when buying a fixer upper is location. You will want to pick a good location as you would buying a regular and ready home. you will want to avoid fixer uppers situated next to busy intersections, next to schools, or near landfills. Seek out ones in up and coming neighborhoods or more appealing/desirable neighborhoods. That will also set the tone for the type of work the home will needs. You will want to look at the homes surrounding your fixer upper; are they maintained? Are they taken care of?

Set a budget

You want to be realistic about how much money you intend to invest on the home and on renovations when tackling a fixer upper. For one thing, you want to think about the type of fixer upper you want, and prices will differ. Then, you will want to think about how much money will go into renovating. Renovating pricing also differs depending on what work goes into it. Include costs like your rent for an alternative living situation while it is happening and at least a 10-percent cushion for going over budget (in case that does happen). Even things like heat or AC, which your contractors will need while they are working and could add up to hundreds, and even thousands of dollars. Sit down and look at all the angles; some things may not cross your mind.

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