These days, TV makes it look like you can go buy an old house that needs work, fix it up and make it your dream house and it’s all a whole lot of fun. Sadly, that’s not always the case. It is possible though to find the right house, fix it up and be living in the home of your dreams. So, what do you need to look for?
- Look for the worst house on the best block – This is because the houses around the home you are buying will help raise the value of your home. Homes in similar areas with similar features tend to sell for similar prices (as long as they’re fixed up).
- Get a contractor – Hire a professional to estimate how much renovations will cost. Then, add in an additional 5% for those unforeseen things that you will inevitably come across.
- Look for a house that needs cosmetic changes – Think outdated bathrooms, cabinets that need painting or wallpaper that needs to be removed. If you have to start dealing with more challenging issues like foundation repairs, roof or water damage, you may see your money quickly disappearing.
- Look into Loans – if you’d like to venture down the home fixer upper road, you may need a little help along the way. You can renovate with borrowed funds. However, there may be a bit more red tape involved if you go this route.
- Stay within your budget – Make a plan and stick to it the best that you can. Don’t go overboard on the little things like fixtures and faucets.
Getting a fixer upper can help you to get the most bang for your buck and could be very fun and rewarding in the end. However, you need to be prepared to find things under the surface and you’re more likely to be successful in this endeavor if you’re working with the right people, have a plan and stick to it.