Buying a fixer-upper can be daunting, but it can also be the exact right thing to do when considering the area that it’s in. If you happen to find an older home with some need of TLC in your dream neighborhood, buying a fixer-upper can give you the chance to renovate and decorate to your exact specifications to create your dream home. Plus, you have the added benefit of a somewhat discounted home so that you can put the money you saved from buying an outdated home towards your desired renovations. Before doing this, though, you need to consider all of the angles.
Get ready for an ongoing project.
Updating and renovating a fixer-upper will force you to take on a myriad of projects to achieve the exact look and feel you imagined. This can take a lot of time and money. Even if you are an avid DIY-er, you will have to prepare yourself for some grueling projects that will require much of your time. Life can get in the way sometimes, too, so be sure that you are ready for your home to be in all kinds of disrepair while you are in the process of working through your new home. The most efficient way to work through the projects on your home is to focus on one to two projects at a time. Finish those before moving on to the next task. The worst thing you can do is start a bunch of projects at once and then never finish them, since this might leave your home worse off than when you found it.
You will have to pay a pretty penny.
Before budgeting for what projects you know you want to accomplish in your new home, put aside some money first for one big unforeseen project. With older homes, sometimes something will end up breaking down in the first year of owning the home, and you should be prepared to fix it in a pinch. So, it is important to keep in mind that while your fixer-upper may have passed inspection, it is not a guarantee of complete working order. If, after the first year of living in the home, nothing needs repair, then you have extra money to put towards more of your cosmetic projects. Once you have budgeted for this possible unforeseen project, then you can consider how much money you have to put towards the rest of your planned renovations. If you aren’t the DIY-er you wish you were, you will have to hire some contractors, which means shopping around for the best deal for the best job done. Add some wiggle room in this budget since most contractors will come in for a job you want done, but will then suggest a mini side project that they can do while completing the task you hired them for. For example, a contractor updating the floors in your bathroom might also suggest updating the vanity while they’re at it.