When you’re thinking about buying a fixer-upper, there are a few factors to take into consideration before taking the next steps in the buying and renovating process.
Make sure you know exactly what you are looking for when on the hunt for your fixer-upper. It will make the search process less stressful. It also helps to have a plan for remodeling in place, so you create the finished product you always wanted.
Here are a few tips to lead you in the right direction.
What to look for when buying a fixer-upper
- Keep an eye out for the large yet hidden expenses.
There is such a thing as too much of a fixer-upper. Make sure that the changes aren’t too costly and that the home is actually worth your while. Large hidden expenses would include, but are not limited to, structural problems, the foundation of the home, and roof problems.
- Learn to recognize the jobs you can’t complete yourself.
Projects such as redoing the floors or the roof are a lot to take on as a new homeowner. Look to take on simple, high-impact tasks such as refurnishing the bedrooms or a few paint jobs if you want a more manageable and wallet-friendly challenge and budget in advance to hire professionals.
- Look for an easily modifiable floor plan in case you want to remodel over time.
Renovating an entire house all at once isn’t always realistic. If the space in a potential home seems cramped and gives you little to work with, you may want to reevaluate your plans. In the event that you buy this home and plan to convert the living space, having an open floor plan would be much easier to work with rather than a jam packed non-conformable one.
- Look for hazardous or outdated features.
If you don’t feel that the home inspector did a great job surveying the home, you can hire other professionals to test for dangerous materials like lead or get a second opinion on things like old wiring. This will insure that any potentially hazardous or outdated features are spotted and taken care of immediately.
Things to keep in mind when remodeling
- Time manage yourself and the project.
Setting a realistic goal for how long the remodeling project will take is key. Of course you want all of the major jobs finished ASAP so you can enjoy your newly renovated home. However, you need to set a practical timeline giving every job a fair amount of time to be completed.
It is also important to calculate in unforeseen problems that could tack on extra time. There’s nothing worse than having to bump back your child’s birthday party because your house is still a construction zone.
- Seek professional help.
The average homeowner can only get so far when remodeling their home. If you are making some major changes, such as restructuring the house, consulting in a certified architect can’t hurt. That is, after you decide what you want to do yourself.
- Set a budget, but don’t be cheap.
It is important to come up with a budget early on so that you can set out a clear list of priorities and avoid unintended expenses. However, be wary of going too cheap when renovating, or risk using shoddy materials or getting poor workmanship. The saying “you get what you pay for” speaks for itself. If you can’t afford something, wait until the timing is right and you can remodel your home to your liking.
from Total Mortgage Underwritings Blog http://ift.tt/2bPldca
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