It’s easy to fall under the spell of reality TV’s quick and dramatic fixer-upper transformations, but don’t be fooled into believing that every project has a fairy tale ending.
Buying a fixer-upper is a great way to get into the market, but it’s a huge decision that shouldn’t be taken lightly. Here are a few things to consider if you’re ready to take on the task:
Inspect the Unexpected
Have the home inspected by a highly qualified professional to help make sure you don’t end up with a structurally flawed money pit.
Time & Money
Set your renovation budget with a bit of wiggle room to allow for any unexpected surprises. The same goes for your timeline as delays are inevitable.
Fixing up a home is a great opportunity to learn new skills, but it’s also important to know your limits. Mistakes can be made while painting but tiling, for instance, is a one-shot deal.
The unexpected twists and turns of a renovation will drain time, money and energy. Living with the mess can also be stressful so make sure you and your partner have a solid relationship.
It’s important to think long-term and try to determine what your newly fixed-up home will be worth to the next set of potential buyers.
Buying a fixer-upper can be an extremely rewarding experience but it’s also a lot of work. It’s therefore important to carefully examine the pros and cons and to be clear about whether you’re willing to undergo a full-on renovation or just a little cosmetic work.