What do you need to do if you buy a fixer upper?

Image – CC0 Licence

So many people feel that to get onto the property ladder, that they purchase a home that needs a little bit of work doing to it. A fixer-upper is one of those great ways to get a property cheaply, but naturally, a fixer-upper comes with a few caveats, financially and emotionally. There is a major challenge in purchasing a fixer-upper. With this in mind, what do you need to do?

Purchase One That Makes Sense

It’s not just about buying something because it’s cheap. You need to find the right location, if the home is functional, and is structurally sound. If you find something that has plenty of cracks in the walls, sloping floors, or water spots, this can give you an idea of how much work the property will need. It’s always worth finding a property and then examining it top-to-bottom. Granted, there can be things that you will find after you’ve moved into the property. But if it’s something like bugs or pests, this can easily be fixed, as companies like 000 Pest Control can do the job. Purchasing the right home isn’t always about the finances. Think about everything.

Finding The Right Contractor

Logic would dictate that you shouldn’t think about a contractor until after you’ve bought the home. But if you are working within a budget, you need to find the right one, and one that is ready to start as soon as you’ve signed on the dotted line. Having somebody on hand before you even submitted an offer gives you the opportunity to use this contractor to cast their professional eye on the property. This way, they can give you an estimate of the overall cost. And remember it’s not that the cheaper the contractor, the better. Read reviews online, ask around, look for examples of the work that they’ve done, and ensure that they are trustworthy. Trust will go a long way when you feel the pressure to renovate quickly.

Prepare For Contingencies

As there are things that will crop up that you hadn’t factored in, like going over budget, you’ve also got to think about the emergencies that could potentially arise. Not just in terms of problems with the electrics, or something you potentially overlooked early on in the process but also if the work is too much for you and your contractor to cope with, you may have to ask for extra help or even do some of the work yourself. Renovating a property is a drain on your finances and sanity. You have to factor in the reality that things could go over budget, over time, and you won’t get the perfect home you want right away. As such, you should think that it is possible that a lot will go wrong. In these circumstances, if you are prepared for this, it will work in your favor. Walk away now and again, and take a break from the situation. Renovation is hard work, and taking time away will do you a world of good.

One thought on “What do you need to do if you buy a fixer upper?

Leave a Reply