Buying a home is a huge step and a serious investment. If you cannot afford to buy new property, you should consider getting a fixer-upper. This type of property is much cheaper, but it would require hard work, extensive renovation and lots of cleaning before it turns into a home. Here are some tips you should consider before buying a fixer-upper.
- Location
The fixer-upper can be renovated and changed. However, you cannot do the same with its location. Pay good attention to the neighbourhood. Poor and dangerous neighbourhoods usually offer plenty of fixer-uppers at low prices. However, such places might not be the best environment for your family. It is better to invest a bit more in a safer and more pleasant environment.
- Total price
Calculate the cost of all renovations and home cleaning that will be necessary. Then add it to the price you pay for the property. If it turns out that the total price is too high, do not buy the house. You might end up paying as much as you would for a relatively new property. Don’t forget to consider hidden expenses, such as bad foundation or broken furniture. They might considerably increase your investment.
- Time it will take
Try to be realistic. Are you working part-time or full-time? How many people will work on the fixer-upper? Are you going to use a cleaning company? Unless you get professional help, renovating the fixer-upper might take you a long time. You should be aware of that in order to plan your life and time accordingly.
- Home under construction
In case you don’t have another place to live in, you will need to inhabit the fixer-upper during the renovation. That means that you won’t be able to use all rooms. In addition you will need to deal with lots of noise and dust. Water leaks and power cuts will not be unusual and they are likely to make a big mess. In case you choose this option, get armed and ready for constant house cleaning.
- Professional help
Professionals have tools, knowledge and experience that you don’t. They could provide you with help and support during the whole process. They will advise you what property to pick and how much it would be reasonable to pay for it. They will open your eyes for hidden expenses and let you know how you can cover them cheaply. Of course, they will support you during the process of renovation itself. Do a good research on local companies, and try to pick one that offers cleaning services. You will find this truly useful, especially in the last stages of your fixer-upper transformation.
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