“Fixer uppers” are the trend these days for home buyers. With TV shows like HGTV’s Fixer Upper, buyers want to take on the challenge of remodeling their newly- purchased home to make it their own. This can be a cost effective way to get your dream home, although it takes a lot of work and flexibility! If you’re ready to take on this challenge for hopefully a greater reward, keep reading to maximize your fixer-upper experience…
What makes fixer uppers so popular anyway?
Buying a brand new property with all custom finishes in the ideal neighborhood comes at a cost. Finding a home for sale that’s a little outdated in a good neighborhood is a great way to get your dream home more affordably. Keep in mind that rarely are there completely easy fixes in a remodel. There will surely be unexpected costs or dilemmas you have to be prepared for.
How to make the best decisions with a fixer upper
Know what you’re getting into before purchasing
The worst thing that can happen with purchasing a fixer upper is discovering hefty repairs are needed after you already started the renovation. Ideally majority of your renovation would consist of cosmetic repairs, but that doesn’t always happen. If the house has large foundation or other structural problems, you may want to rethink diving into that project. Walk through the property with a contractor and pay attention to what comes back after inspection before you close on the property. This will greatly help you know what you’re getting into and if there are red flags about this property.
Don’t overdo it!
It’s easy to get carried away when picking design features for your fixer upper. How fun is it to scan magazines or Pinterest for inspiration?! Don’t get too carried away though. You don’t want to overdo the neighborhood or put more money into the house than it’s worth. Think about it, would buyers looking in your neighborhood pay for the custom upgrades you’re adding? If so, go for it! The point is, you want to make sure all the “fixing” that goes into a fixer upper will see a return later when you sell. (Hint: Remodeling kitchens and bathrooms consistently provide high returns on investments!)
Stick to a budget
There are already a variety of costs that come with purchasing a home for sale. When purchasing a fixer upper you also have the cost of the renovation to consider too. Whether your budget is high or low, stick to it. Do your research to estimate how much things will cost and then plan for a little more. One thing we all learn from those home improvement TV shows is something always goes wrong! Have a little money set aside as a contingency fund for those unexpected costs.
Fixer uppers can demand a lot of your time and money, but they can have a great reward if done correctly. If you want to tackle on a fixer upper, you need to work with professionals! Location Williamson can educate you and help you find the perfect property for your needs. We would love to walk with you on your next home buying journey! Tell us about the property you’re looking to buy here or call us at 615.469.1412