We know sometimes it’s hard to find the perfect house with everything you could possibly want, especially if you’re on a budget. That’s why a fixer upper home could be the right option for you, if you can see the potential and it’s within your budget why not go for it?
Well before you jump in and make this huge decision consider asking these questions to yourself to see if buying a fixer upper is the right thing to do:
1. What is your budget?
Make sure you figure out how much the spending cost will be to renovate a potential fixer upper. Consider adding a little padding in the budget for unexpected events that might come up while renovating. Do your homework, figure out everything that needs to get fixed and whether or not you’ll need contractors to do some of the work for you.
2. Is your home in a historic area or district?
Figure this out before making your decision, if it is in a historic area the design and permit processes can be lengthier and more expensive, and using the required historically correct materials can add to the cost. However, at the same time it can be a pro because properties in historic areas can mean it is more architecturally unique and will have a rising property value.
3. What is the condition of the foundation
This is why home inspections are critical; they can determine the state in which the house is in. You have to be aware if there’s any water damage or foundation damage that may or may not be easy to fix. If damages are too extensive it will cost you more money and will be harder for you to sell in the future.
4. How are the windows?
Windows are an important part of the home, make sure that if they need replacing you do this as quickly as possible. Replace them with something modern and long lasting, if they are unique windows they will be a bit more complicated to replace because you might need special materials and that can cost you more money.
5. How is the roof?
Often older homes consist of rotting shingles or cedar shakes. If the roof needs replacing take into consideration that the structure would need to be reinforced to support the weight of the new materials, and you may also have to add ventilation.
6. Can existing materials be used?
You know you’re already going to be spending a bit of money fixing the property, so why not take a look around and see what can be salvaged or re-used in order to save some money. It’s always often better to see what can be saved especially in areas like the bathroom.
7. Do you have the time?
If you already feel that you have no time, you’re always busy or your schedule is full then re-consider purchasing a fixer upper home. Working on an old house can be great and make you feel accomplished, but if you don’t have the time it can definitely create unwanted stress.
8. What kind of fixes does the home need?
If the fixes are cosmetic ones like a fresh coat of paint, or wallpaper removal etc. they can be tedious tasks but at the same time something that you can easily get done. If the repairs are major ones like fixing the foundation or a new HVAC, you better take a double look at the numbers and see if purchasing this home makes sense.