Buying a home can be one of the biggest decisions in your life. It can also be one of the most difficult. When it comes to buying a home, there are a variety of different decisions you need to make along the way. Things like finding the right neighborhood and figuring out you can afford are all items to consider. However, there’s one decision becoming more popular in today’s housing market. More people are deciding to buy a fixer upper home than ever before.
If you’re considering purchasing a fixer upper home, you’ll want to make sure you know everything about the entire process before making a final decision. Here are some things you should think about before buying a fixer upper.
What’s the Cost?
The biggest consideration when it comes to fixer uppers is the cost for renovations. The renovations involved in fixer uppers can be quite costly. If you’re not prepared for the cost involved it takes to successfully renovate a fixer upper, the whole process can be ruined for you. Figure out your budget beforehand and try to stick to it as much as possible, but be mindful that you will likely need to stay flexible. There are typically hidden costs involved in fixer uppers and you’ll need to be prepared to take care of them as they come up.
Where’s the House Located?
The location of your home is always important, and that fact doesn’t change when you buy a fixer upper. Know the market and price of homes in the specific area or neighborhood you are interested in. Certain areas of town may have a better return on investment when figuring in the cost of repairs for a particular property. Depending on your budget you may want to find an area of town that is up and coming where the cost of purchasing the home will be less and will leave you with more money to renovate the home.
How Big of A Project Do You Want To Take On?
Determine early on the size and scope of the renovation you are comfortable taking on. Some fixer uppers need extensive renovations to include new plumbing, updated wiring or removal of hazardous materials while others may only need cosmetic items such as paint, fixtures and countertops. Consider the renovations needed along with your expertise and budget when considering if a particular project is suitable for you. Even if you have the budget for extensive renovations, do you want to spend the time doing them? If you buy a fixer upper that needs a lot of renovation, you’ll need to find somewhere else to live in the meantime, which can become even more costly.
Will You Enjoy It?
Lastly, ask yourself if you’ll actually like the process of fixing up a home. The entire process is not for everyone, and is not as glamorous and can take much longer to complete compared to what you see on TV. If you have the opportunity, talk to friends and family who have renovated fixer uppers. After considering all these facts, make the decision based on your budget, timeframe and expertise. Fixing up a home can be incredibly satisfying, and you just might want to take advantage of that feeling.
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