Have you binge-watched so many HGTV shows that you feel primed and ready to take on a fixer-upper yourself? Those shows paint the entire process as seamless, smooth running, and worth the sweat-equity, right? However, it’s worth hitting the pause button for a reality check before taking on your own fixer-upper. Let’s take a realistic look at a few pros and cons to consider.
Buying a fixer-upper may make it possible to land in an up-and-coming area or an already well-established neighborhood. The home may be priced much less than others in the area, and with some TLC, you can customize your dream home and raise the property value to align with the average costs in the area.
Who will be doing the fixing on your fixer-upper? If you’re skilled in HVAC, plumbing, or electrical work, you’re probably planning on handling those areas yourself. However, if hitting the head of a hammer involved bruised fingers on a regular basis, you probably need to have someone else in mind to do the fixing. Eh-hem, since you’re on LaelHomes.com, we hope that means you’re interested in us! We even offer our clients the option to have us walk through a prospective property before purchase in order to get an idea of the cost to make the home your ‘dream.’
There are loan options specifically designed for fixer-upper properties. Doing some research on those would be an excellent preliminary step before beginning your home search.
Once you find the perfect, in-the-rough home, you’ll likely have less competition to make an offer and get accepted. Frankly, many folks have difficulty envisioning what a home could be versus what it looks like at the moment.
As you plan on the rooms/areas to update, you have the opportunity to prioritize based on your personal wishlist. Perhaps luxurious bathrooms are high on your list; then, you have your first project.
On the other hand, if you practically live in the kitchen, then that’s the priority then.
Renovations can be costly.
Planning ahead is a timesaving and budget-saving step.
Speaking of budgets, you’ll need one for the renovations. As contractors, we can help select the best materials within your budget and source them accordingly. We’ll review the options available and, based on your lifestyle and intended use, will guide you to the best choices for you and your family.
Patience is a virtue and will be needed during the stages of renovation. Be realistic and prepared for these stages.
Don’t let stress ruin your dream. Looking for a home is stressful by itself. Buying one that will be renovated can add even more stress. Give yourself breaks during the process so that your entire focus is not tied up in what will be — enjoy the present.
Do your homework. Be sure to take plenty of pictures of the before and the after. Relish what you’ve had the vision to create and plan that open house party! You earned it!