Are you considering buying a fixer-upper? While it can be a great way to save money and get a home that suits your unique tastes and needs, it’s important to know what you’re getting into before you sign on the dotted line. Here are some things to keep in mind:
1. Understand the Cost
Buying a fixer-upper can be an affordable alternative, however, it’s important to understand the potential true cost of the project before you start. To ensure that you’re aware of the necessary repairs and their associated costs, get a thorough inspection of the property. Make sure to check the quality of the foundation, roof, electrical and plumbing systems. Additionally, it’s crucial to consider the expenses for permits, materials, and labour in your final budget.
2. Know Your Limits
While DIY projects are fun and rewarding, fixer-uppers often require extensive work and time. If you’re not handy with a hammer or don’t have experience with major renovations, you may want to think twice before taking on the challenge of a fixer-upper. Hiring professionals to do the work can be expensive, but it may be necessary if you want the job done right.
3. Consider the Time Frame
Transforming a fixer-upper into your dream home can be time-consuming. If you’re on a tight schedule or have other commitments demanding your attention, a fixer-upper may not be your best choice. Make sure you have a realistic idea of how long the project will take and whether or not you have the time and energy to see it through.
4. Factor in Resale Value
If you plan to invest in a fixer-upper, ensure that it doesn’t become a financial burden by costing more than its actual value. It is possible to strike a good deal on the property, however, make sure that any renovations made will increase the property’s value in the long run. Research the market and talk to real estate professionals to get a sense of what buyers are looking for in your area and what features can help make the property stand out.
5. Have a Plan
Finally, it’s important to have a plan before you start a fixer-upper project. Without a clear plan and budget, your fixer-upper is at risk of becoming a money pit. Know what you want to achieve and how you’re going to get there. Create a budget, timeline, and list of priorities to keep you on track. With a solid plan in place, you’ll be better equipped to handle any unexpected hurdles or delays.
Fixer upper can be a great way to get into your first home. With the support of an experienced Real Estate Team you can find the real gem ready for your new vision. Give us a call.