Use these house shopping tips to decide on a Fixer Upper
When you’re ready to buy a house, you’re likely to get many house shopping tips from people you know. And while everyone means well, you can be sure that everyone has a different, and often contradicting, opinion.
One topic that might come up is the idea of buying a fixer-upper. For some, the notion of buying a home that needs a lot of work sounds like a dream come true. For others, it plays out more like a nightmare. There’s no doubt that buying a fixer-upper is a commitment that takes time and effort; the trick is figuring out when it’s worth it.
House Shopping Tips on A Fixer Upper by the Numbers
Cost is a significant factor when you consider buying a fixer-upper. At first glance, the cost of a fixer-upper might look like a steal, but it’s important to take into account the final costs after all of the repairs are done. Consider:
- Some house shopping tips can’t be stressed enough. Here’s one: get an inspection! It’s easy enough to spot cracked flooring in a dated kitchen, but you need a trained professional to look for problems that you can miss — especially things like a damaged foundation or leaky roof that can be expensive to repair.
- After the inspection, get estimates for all of the repair work that needs done, along with any cosmetic changes you want to make. Be sure to factor in the cost of any repair work you plan to do yourself. While doing it yourself can save on labor costs, you still have to plan for the cost of materials.
- Add the estimated repair costs to the selling price of the home, and add five to 10 percent to cover any unexpected issues — when it comes to fixer-uppers, the most underappreciated house shopping tips involve expecting the unexpected.
- Finally, look at properties for sale that already have the features you’re looking to add or improve. Note the selling price and compare it to the final cost of your potential fixer-upper. If the final cost of your home is considerably lower than comparable properties, you may have just found your perfect fixer-upper. If the cost ends up higher, it might not be worth the effort.
It’s a Personal Thing
Deciding whether to buy a fixer-upper isn’t just about the numbers. There are personal factors to consider as well. Check out these house shopping tips:
- Even if you’re hiring someone to do all the physical work, home repairs will still take your time. From talking with contractors to choosing paint colors, be sure you have time to deal with the details.
- Before you decide to go ahead with a fixer-upper, decide just how and when the work will be done. You may want to get the entire project done before you move in, or you might be fine living in a construction zone. If you’ll be living in the home as you repair it, make a prioritized list of the work that needs done. Anything that compromises your safety or the structural integrity of the house should be done first, while the cosmetic changes can wait.
- Take a realistic look at your life before you move forward. Do you have small children who might be bothered by construction noise? Do you have a tendency to start projects and quit halfway through? Do you love working with your hands, and want to give your home a personal touch that makes it all your own? Have your answers before you jump in.
Read all the house buying tips you can find and then look at the all the numbers. If you feel like you’re up to the challenge, then a fixer-upper is probably worth the effort. Get ready for a rewarding experience that will result in a home that’s just what you’ve always wanted. Good luck!
