Fixer-uppers are plentiful in many areas of the nation, and just as popular as the homes themselves are the people who choose to buy them. Sometimes the motivation can be to renovate a home and sell it for a nice profit, while others want a deal on a home for themselves and like having the flexibility to make it look however they want. Either way you end up going, there are a few important items to consider before buying a fixer-upper.
Fixing To Sell
When the option is to fix up a home to sell it only a short time later, there are a few things to remember in order to keep your profit high and your stress low. One of the most crucial aspects of how much will be made on the sale is how cheaply the home can be renovated. Now that’s not to say that the materials and labor should be cheap per se, but creating a budget and using affordable materials will go a long way toward making this project a winner.
What goes hand in hand with this idea is the concept of doing repairs on your own. When viewing a home before purchasing it, try to assess how much of the work can be done without a contractor, because, after all, your labor costs are far cheaper than a professional’s. If the bulk of the work needs to be done by a licensed contractor, you might not recover as much of your costs as you would’ve liked.
Fixing To Own
Embarking upon the task of renovating a fixer-upper that will be lived in is an entirely different animal, and careful considerations need to be made to ensure the safety of everyone living in the home. First and foremost, address the concerns that impact everyone’s quality of daily living. If the toilets don’t flush or there’s no heat, these items need to be first on the list when beginning renovations.
The larger element of this idea covers one’s budget, in that enough money is not only needed to make the home safe but is required to make the home the masterpiece you’ve been dreaming of. Nothing would be more disappointing than purchasing a Sundance Hills fixer-upper and running out of money halfway through, so planning is essential.
Remember that living through a remodel, no matter how large or small, can be quite stressful, so create a plan for tackling each project so that family members aren’t majorly inconvenienced.
A Wise Investment
At the end of the day, no matter what the motivation is for purchasing a fixer-upper, it’s probably safe to say that it’s a smart buying decision. Making a good profit on a quick turn-around can be beneficial for those who use real estate as a source of income, and getting almost a blank canvas for creating one’s dream home at a low cost is also ideal. Either way it turns out, making sure that skill level and budget are appropriately assessed will help to make the project much smoother.