Going for a Fixer Upper? Read This Before You take the Plunge

Going for a Fixer Upper? Read This Before You take the Plunge

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Fixer uppers are enticing indeed. The prospect of restoring your home to its former glory appeals to many home owners. People love to make additions and do renovations when they see a gem of a house in their neighborhood. However, in the upper fixer world, all is not what it seems on the surface.

Redefining Home Ownership with Fixer Upper

Many couples buy a home with the intent to undertake fixer upper. They want to purchase at low price and add features as per their choice. This helps new home owners make the entry into fast moving world of home ownership. It is a leap of faith since many times, fixer-uppers can turn out to be an expensive proposition.

Assess Your Readiness

Buying a home involves a lot of factors. Before you fall in love with a potential home, assessing your readiness is a good idea. There are numerous factors to consider here such as employment status, work experience, amount available for down payment, geographic area of home, school district, mortgage rates etc. Going for a pre-approval is a smart step. Sometimes, there is a vast difference between what you can afford and what you like. If you can’t spend significant time, then fixer-upper is not for you.

Number Crunching

The cost of home ownership can be complex. In the case of fixer-upper, the costs can spiral quickly. So, one has to take into account substantial amount even after the home purchase. Number crunching can help you have a ballpark estimate. For example, take an estimate of additions, renovations and repairs. Be mentally prepared for all the fixer-upper work at hand.

Handyman Skills come in Handy

Sweat equity takes a whole new meaning in a fixer-upper. Little handyman skills can help you save a lot of money in the long run. Small improvements like minor plumbing and repairs should be undertaken with care. Learn home improvement skills from some experienced rehab neighbors or friends. Take an estimate from a local contractor before you start with the do-it-yourself job.

Handling fixer-upper yourself will surely pay off. Not only will you save some money in the process but add value to the real estate as well. Actively contributing to your home’s growth will endear you more towards it.

Fixer-Uppers are a Different Ball Game

Fixer uppers demand time. Even if all the work is in the hands of contractors, homeowners need to supervise the work to ensure everything comes up as intended. Being a part of the materials shopping, color selection etc. is good financial prudence. Flexible working hours will allow you to spend time for a fixer-upper.

Be Ready for Surprises

No matter how much you plan, there will be surprises. Be prepared for hidden costs and unexpected delays. Being realistic is your best option here. Also, while buying a fixer-upper, you should never back down from a thorough inspection. Check for structural problems, architectural flaws and foundational support. All these can cost a fortune to repair later on.

Fixer-uppers have to be evaluated from a remodeling point of view. What may sound scary in the beginning may well turn out to be an awesome investment tool in the end. Be realistic, pragmatic and ready for some hard work. Fixer uppers can truly pay off big time!

Prathibha Kokkalera

Revive Property Group



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