4 Tips for Buying a Fixer Upper

      Comments Off on 4 Tips for Buying a Fixer Upper

Thanks for visiting our modern furniture blog! Here’s another article I wrote today about buying fixer uppers. Let me know what you guys think!

 

With the economy slowly recovering, people everywhere are starting to considering buying a house again. Although house prices are still relatively low, you may be considering buying a fixer upper in order to save some money on your mortgage. Before you make any major commitments, read the rest of this article to determine if a fixer upper is really the house for you.

Location, location, location

If you find a neighborhood that you absolutely love but are having a difficult time finding a home in your price range, then purchasing a fixer upper may be in your cards. Look for a lower-priced home in the same area; chances are, it will require some work to make it shine but it could be worth your time and money.

Budgeting costs

First off, make sure you save some money on the actual move! Google furniture movers in your area and check craigslist. Other than having a mortgage and paying property taxes, you will also need to consider budgeting in costs for any needed renovation work. Make sure to have the house thoroughly and professionally inspected so that you don’t wake up one night to a damage water system. If you think the renovation costs would be too high for your budget, you may want to reconsider buying a fixer upper.

Consider the living conditions

Before you decide to buy a fixer upper home, you will want to ask yourself if you are willing to live in a home undergoing constant construction. Since home renovations notoriously span longer than originally planned, you will have to think if you really would be fine without a working kitchen or bedroom for three months. And, since your budget may not be able to handle these all occurring at the same time, think about how long each room renovation may take if done separately. This is amount of time you may have to live with construction being present in your home.

Professional versus DIY work

If part of your reasoning for purchasing a fixer upper home is the idea of having a hand in working on your home yourself, you may want to consider what work you are truly capable of doing on your own. Assess both your strengths and your weaknesses so that you can be prepared to hand off work to a licensed contractor if needed. Installing wood or tile floors would make for a great project but adding a window to a room or rewiring your home will require more professional hands.