Is A Fixer-Upper for you?
When looking for a new home, most home buyers are looking for a perfect fit. Fresh paint, new flooring throughout the house, a move in ready masterpiece. Others, however, look at imperfections with excitement, seeing them as opportunities to work on the house themselves and increase its value with some “sweat equity”.
DIYers look at fixer-upper homes as a challenge, maybe even a way to make some money. Whether you just bought a fixer-upper or are considering it, you might need some help getting that house to look the way you have it envisioned in your head.
I have personally flipped multiple properties and learned a lot with each one. Take a minute to look over these tips and don’t be afraid to reach out with any questions!
1. Sometimes Permits Are Necessary
It’s not as easy as just knocking down a few walls and finishing a basement. You will need a permit for just about anything that goes beyond a fresh coat of paint or a new roof. Ask your inspector as you go through the house what you might need to be permitted and be prepared to pay for it and do things the right way. If you decide to move forward without permits, when it comes time to sell your home the extra bedroom or finished basement may not matter because buyers like to see permits. Put in the time and cost to do your renovations correctly so that they pay off in the end.
2. Price out Projects Ahead of Time
Pricing out a fixer upper is hard. While the totals will be different depending on the size of the build, it is vital for you to make sure you stay on top of pricing. Include materials, labor, permits, and potential need for an engineer report. It is far too easy to let the job run away with you and you either end up in debt or with an unfinished house. That does not work.
3. Work on the Exterior First
The exterior of your home is what will add the greatest and most immediate value to a fixer upper. Update your front door, add a new coat of paint and some new polished hardware, it’s a cheap start and it adds a lot to your curb appeal. Clean up your garden beds (or add some) and add new mulch or rock, make sure you maintain your yard and keep it looking clean throughout the seasons. This will add class and value to your property. if your garage door needs replacing but that is not in the budget, a coat of paint is an easy fix for a quick solution. There are plenty of small, low budget projects around the exterior of your fixer upper that can quickly add value and boost your curb appeal.
4. Be Selective about Home Inspectors
Don’t choose a home inspector because they are local or convenient. Your fixer-upper needs someone who has experience with older homes or homes in disrepair. They will know the costs associated with a DIY project better than you and can be a wealth of knowledge when it comes to buying your first flip, or fixer upper. As with most of these tips, take your time and find the people/resources that will help you most in the long haul, don’t take shortcuts.
5. Be Aware That Things Sometimes Get Hectic
Lastly, remember what you are doing. Fixing up your home or taking on a flip is not clean work. Don’t take on the whole house at once, you still need a place to live and feel sane. If your entire house is destroyed it can feel like too much. Take things slow and follow your budget.
I hope this is helpful for you moving forward, and if you need any help or real estate services contact us today!
