The opportunities that come with purchasing a fixer-upper can be exciting, but it’s essential to consider a few key factors beforehand.
**Do You Have a Game Plan? **
Take a moment to evaluate whether you have the time, skills, and budget to manage renovations. Be honest about what you can handle on your own, what you’ll need to hire professionals for, and whether a fixer-upper fits your lifestyle. Keep in mind that you will likely be living in a construction zone for at least some time.
**Prioritize Repairs and Upgrades: **
Don’t overwhelm yourself by thinking you must complete all the work simultaneously. Space out renovations according to your budget and focus on the most important tasks first.
**Location Matters: **
Ensure the money you spend on fixing up a house is a worthwhile investment. Look for homes in areas with rising property values and local amenities that residents appreciate, such as parks and restaurants.
**Get a Home Inspection: **
It is crucial to hire a home inspector to conduct a thorough inspection before the purchase. Their findings will help you understand what needs updating, estimate renovation costs, and decide if the project is right for you.
**Budget for Surprises: **
Renovations seldom go as planned. Set aside extra funds to cover unexpected expenses, such as extended repair timelines or increases in material costs.
**Talk to a Lender About Financing Options: **
Some renovation mortgages are available for homes requiring work. However, they may have specific requirements concerning expenses and timelines. Consult with a trusted lender to fully understand the details.
Information provided by KCM Crew/February 6, 2025