Guide to Buying a Fixer-Upper Home
Homeowners come in many different shapes and sizes, each with their own expectations for their dream house, apartment, or condo. While most homeowners just want somewhere new or in livable condition, others want to go the extra mile and renovate a broken-down property. These properties are called fixer-uppers, and anyone eager to work on one knows the cost and labor needed to get the jobs done well. Even still, this guide to buying a fixer-upper home will help any homebuyer know the fundamentals of cheaper houses.
Compare the Renovation Costs and Home Costs
Before you make any final purchases, you should compare the total renovation costs and the cost of the home. For some, a fixer-upper in which the renovation costs are too steep is not worth the investment. If that’s the case, you may want to bargain the total home cost down, given all the work needed to fix it. You should also have a contractor inspect the home, so they can estimate the work costs. Don’t forget to price out supplies, materials, and other expenses either.
Prioritize Projects
Once you’ve decided on a property, you can prioritize the projects. Naturally, remodeling a room should take precedent over a new paint job or minor repair. Even still, be sure you know how to engage each renovation project appropriately. Consider the steps you need to take before starting any kitchen or bathroom remodel, such as lighting, flooring, fixtures, and appliances. These are major investments and require the appropriate attention. Smaller projects, like painting or landscaping, may not require as much attention, depending on their intensity.
Conduct Frequent Inspections
Granted, when buying a fixer-upper, it’s imperative to check for any major structural issues. However, you should also check for mold, pests, septic issues, lead-based paint, asbestos, or other problems. Of course, with a fixer-upper, there will be things to fix. That still doesn’t mean you’re trapped into purchasing an unsanitary or hazardous building. If those issues don’t bother you, negotiate with the seller to lower the price or pay for all necessary repairs. If they do bother you, find somewhere else.
When in Doubt, Call a Professional
Most of this guide to buying a fixer-upper home is meant for you to take charge of the renovations. Even so, sometimes you’ll need a professional’s expertise. The HVAC system, water heater, gas, electricity, and plumbing may all be out of your knowledge and skillsets. That’s okay. You cannot be an expert in everything, and professional servicemen will convert any broken-down structure into your dream property.
