A fixer upper is a property that’s in pretty bad condition, but with some time and car (and quite a bit of money), can be turned into a home anyone would be happy to live in. And when we consider the current financial market we’re dealing with, investing in these kinds of properties is becoming more and more of a good idea!
However, are fixer uppers all they’re cracked up to be? Can you make your dream home out of four crumbling walls and a foundation that may have subsidence? It all depends on your hopes for your home, the budget you’re working with, and how much free time you’ve got ahead.
It’s a lot of work! But if you’ve got your heart set on renovating a home, developing the best action plan is something we can help you with.
How Much is Left in the Buying Budget?
This is obviously the first thing to think about, but make sure you parse it out carefully. When you purchase a fixer upper, you expect to pay a lot lower than you would for a newly built home or any other property on the market.
As such, you should pay at least 20% less than you were personally expecting to out of the money in your budget. This means you’ve got a lot more to work with when it comes to renovating, decorating, and buying new furniture. Put most of this leftover budget towards the renovations.
You might already have a savings pot going for the decor you want to use so this isn’t a bad idea, nor a waste of money. Believe us when we say you’re going to need as much money as you can scrimp up! And while this means you’ve got more money to use, it doesn’t necessarily mean you should aim for pricier renovation options.
Think About Home Security Concerns
A fixer upper needs looking after while you work on it. You might not be living in the house for quite some time, due to it being unsafe for the moment, and you’ll need to limit access while you’re away. This means you’ll have to place plenty of locks, motion sensor lights, alarms, and even cameras around.
And it’s not just security concern prevention either. You’ll want to get new doors and windows fitted as soon as possible too. Something secure and insulating that’ll keep both burglars and a bad draught out. Contact companies like Nampa Windows Doors to talk about these concerns and get a quote for the work that needs doing. You might not even know the extent of the problem until a professional has a walk around!
Renovate Smart: Do Some Value Research
When it comes to renovating, doing so for profit is a good idea. Treat the home as a place you want to sell in the near future, even if you don’t ever want to sell at all. This’ll help you pitch the balance just right between having a comfortable home you can live in and a valuable property you’ve made a good return on.
So do your research. What are the most valuable renovations that you’re also interested in living with? A new kitchen and bathroom fittings are good ideas, but is a loft conversion also on the list? What about converting the basement, or adding in something like a home cinema or games room? Always have a think about all the options involved, even if they seem a little outlandish!
Don’t Start Until You’re Really Ready
Finally, always take your time here. Yes you need your fixer upper to be ready soon, but you can’t rush perfection, as the saying goes! Take your time figuring out your budget and what you want to do next, take your time in getting quotes and estimates on any and all work you need doing, and then take your time decorating to your heart’s content.
By this point you should be all the way moved in so it won’t really matter, but the first two steps definitely need some safe and lengthy consideration. A rushed decision can mean a lot of wasted money and that’s not what you need right now.
A fixer upper has potential, but only if you choose right and tackle the work correctly from there. Use these methods in your strategy to ensure you’re not rushing or wasting money, and you’ll have your bona fide dream home ready to go by the end of the project!
