There are many good reasons to look into purchasing a “fixer upper” property. Whether you are looking for a home to truly call your own, or are simply looking for an investment opportunity, fixer uppers can be extremely rewarding projects for those that go into them with patience and the knowledge of exactly what they want.
That last point is critical to success: knowing what you want can go a long way to making sure your expectations are realistic, and that there are as few surprises as possible. If you’re new to fixer uppers and are looking into starting a project, take these ideas into consideration.
Start with The Budget
Before looking at any potential candidate homes, step back and look at the capital available to you for this project. Consider how much you want to spend overall and budget how much should be spent on the home, and how much should be spent on the renovations that will occur. Having this information can give you an idea of what to expect as far as the scope of work is concerned (for example a budget with an emphasis on the existing property may yield more properties that require less work to bring up to date).
Research the components that will be involved, decide how much you want to spend on each, and work from there!
Look At The Neighborhood
Maybe you have found the dream fixer upper property which looks to be a straightforward job with few to no surprises. But what is any of that worth if the neighborhood is not a good one to be in?
Knowing about the neighborhood of your project property is vital to ensuring that it will be as painless as possible when it comes time to sell. If you are planning to stay in the property, do some research to find out whether the neighborhood really fills your needs and expectations.
Assess The Situation
Once the neighborhood concerns are addressed, the home can become the subject of attention. Have a home inspector go over the entire home and property to help gain an idea of what sort of budget might be needed to address any underlying issues with the home or lot that will be required to fix. While it is almost impossible to avoid surprises with fixer upper projects, there are things you can do to keep them to a minimum: this is a big one!
Consider A Contractor
Once the state of the property is assessed, it may be a good idea to bring in a contractor to get an idea of what the reno costs will actually look like for your project. A good contractor can also act as a good central point of contact for the project, and may help organize the different components and parties involved in the project.
Being Prepared Is Vital For Success
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