Don’t Buy a Fixer-Upper Without Reading These Tips
Are you thinking of buying a fixer-upper? While a lower up-front cost and the ability to transform a worn-down property into the home of your dreams are tempting, you shouldn’t rush into the deal. Don’t buy a fixer-upper without reading these tips!
Get Multiple Inspections
Older homes almost always have more hidden issues than newer ones, and many of these problems can slip by a single inspector. Hiring more than one qualified home inspector can provide more comprehensive insights into the property’s condition. Multiple professionals are sure to notice all the major structural issues, outdated electrical systems, hidden mold, and beyond. By catching these issues before you buy, you save yourself from higher repair costs in the future.
Budget and Plan for Remodels
You’re probably not looking at a run-down home and thinking, “I love it exactly as it is!” After all, that’s why we call them fixer-uppers! They need a little work and remodeling to become pleasant, safe home environments.
Well, this extra work costs money and time, and many buyers fail to account for these ongoing costs and logistics. You can start preparing by obtaining detailed quotes from contractors for the work you envision. Factor in all potential expenses, including labor, materials, permits, and unexpected repairs. Don’t forget about hiring people to draw as-built blueprints for the property. These accurate building measurement services matter because they’ll lay the foundation for structurally sound, future-proof renovations.
Additionally, reserve a contingency fund of at least 10–20 percent of your overall budget for unforeseen expenses. Doing this helps prevent financial strain down the road when age-related maintenance tasks inevitably pop up in the home.
Be Willing To Dedicate a Lot of Time
Remodeling a fixer-upper is by no means a hands-off process. From obtaining permits to overseeing contractors, expect the process to demand many hours and plenty of attention. This is especially true if you’re doing some of the work yourself to save costs. The transformation will be worthwhile, but don’t invest in a run-down property if you’re not prepared to see the project through.
Buying and renovating a fixer-upper can be very fulfilling, provided you thoroughly prepare. As a homebuyer, don’t buy a fixer-upper without remembering these tips. With careful planning, budgeting, and time allocation, your project can turn into a fruitful investment and—eventually—your dream home.