Who hasn’t watched the stars of HGTV make renovation look easy? In 30 minutes, they transform a dilapidated house into a stunning, modern and trendy home. Can you do that?
Fixer-uppers tend to be lower priced, get less competitive offers, and stay on the market longer. They typically require some creativity and hard work to reach their potential. Though not an easy task, reaching your creative goal can be exciting and quite rewarding. Before you get started, ask yourself the following questions:
Is it worth the time, effort, and money? Just “ugly” may be fixable; structural concerns may be another issue entirely. Cosmetic fixes, such as paint, replacing carpet, installing hardwood floors, and changing/adding cabinet hardware may make a world of difference. However, foundation problems or a failing roof that were not repaired by the seller as part of the purchase can be a big expense.
Will the project get in the way of your lifestyle? A fixer-upper can become all-consuming. Carefully work out the budget and details before committing.
Do you intend to have this home forever or just for a few years? Is the location where you’d like to stay? Can you do the project in phases while you live in it? If this is a shorter-term investment, keep in mind the marketability of your changes to future buyers.
Will your patience and bankroll make it through the process? Keep in mind that the inevitable will arise. You will most likely run into issues that were unforeseen, many of which may necessitate the hiring of professionals. It’s important to be aware of the possibilities for unplanned expenditures.
What is your vision? Have an idea of how you want the house to evolve. A fixer-upper can be a perfect opportunity for you to choose all the details that you might not explore in a more totally modern/renovated or “move-in ready” home. Have fun choosing every detail.