There are a lot of factors to think about when you are considering buying a fixer-upper home. A fixer-upper home is generally described as a house that is not in great shape and needs a lot of repairs. With that said, here are some suggestions on what to look at when thinking of buying a fixer-upper.
Focus on Energy Efficiency
An energy-efficient home will save you a lot of money on utility bills like heat. It is hence important to look at the structural elements of the house, like insulation. You should check if it is intact and if not, how many repairs would be needed to fix it.
It has been noted that most families generally spend about a third of their heating and cooling funds on air that will simply seep out of the house through gaps and cracks, which shows how important it is to focus on energy efficiency.
Set a Budget and Be Realistic
Venturing into a renovation project like this might seem very exciting because of the way it is portrayed on television, but it is way more complicated in real life. It is therefore very important to seek professional advice before making the decision to buy a fixer-upper.
A contractor will help you to come up with a good budget estimate based on the work he’s going to do and the cost of the materials needed. When you’ve looked at the estimated costs, you should then consider if you can afford all the expenses without using up all of your savings.
Make Sure the Basics are Functional
This is a great starting point to see whether the house is worth investing in. You should hire a home inspector to examine the house to check on the extent of its problems. In the event that there are a lot of issues, you need to seriously contemplate whether you have the desire to take up the huge task. This would mean making sure that things like wiring and sewage are functional.
Sometimes the house may need complete redoing when things like the pipes are corroded, while other times the house is just outdated and needs a little revamping. In the case that the pipes are corroded, it would be crucial to use pipe saddles which act as insulation for the pipes and are meant to prevent corrosion by acting as a protective barrier between the metals to avoid moisture building up.
Check If The Purchasing Offer is Fair
Based on the work that needs to be done on the house, you can now assess if the purchase offer is reasonable or not. You can do this by researching how much a remodeled house in that area would cost, then subtract the amount you’re likely to spend on the house. If your total expenditure is less than the amount of selling a renovated house, and leaves you with a considerable amount of profit, then it’s a good deal.
Try to DIY What You Can
There are obviously some things that you may be able to do yourself. Some examples would be making furniture or redoing the garden or elements of the patio. The most popular material used for such projects is wooden pallets because they accommodate almost double the load compared to plastic ones. You can make your own sofas, book shelves, bed frames and even compost bins, which would save you a lot of money on furniture for your house.
Doing some things yourself may help you save a lot of money and allow you to create exactly what you had envisioned. However, also keep in mind that I can be very stressful if not planned out well.
These are only a few of the many things to consider before making the decision to buy a fixer-upper. Buying such a house either for resale or to live in is a great idea if the proper steps are taken before making a purchase.