We love to binge-watch fixer-upper shows. And while we know it’s a process, a lot of which the camera never shows, at the end of the day, we always feel pretty convinced we’re capable of doing it ourselves. However, the truth is that fixer-uppers aren’t for everyone. So before you sign those papers, let’s discuss!
What Is a Fixer-Upper?
A fixer-upper is typically a cheaper house that needs some “love.” Fixer-uppers are ideal if you want to get more bang for your buck or make some extra cash by flipping it. While sometimes it’s possible to live in a fixer-upper while renovations are happening, structural improvements are often required that can prevent it from being occupied.
Know Before You Go
There are two variables to consider before you begin looking for a fixer-upper.
- Patience: Depending on how much love a house needs and the size, a renovation can take anywhere from a few months to over a year. If this doesn’t work for your schedule, you may want to consider other options.
- Money: Fixing up a house can be pricey, and there are almost always unexpected costs. If this isn’t a financial commitment you can make right now, you may want to start saving instead.
Pros and Cons
Feeling even more on the fence about a fixer-upper? Here are some more pros and cons to help you weigh your decision.
Pros:
- Lower purchase costs.
- Less competition when buying.
- Customize your home without the hassle of building.
- Because you get to pick the materials, the quality is guaranteed.
Cons:
- Repairs and renovations can be expensive.
- This type of project is difficult to budget for.
- Unexpected issues almost always arise.
- Construction is sometimes long-term.
On the Prowl
If you’ve got the time and money, here are a few factors to consider as you hunt for the perfect fixer-upper.
Location
Check out the roads, schools, and neighborhoods surrounding a house. Many experts say to buy the “worst” house on the best block you can afford.
Condition
The condition of a fixer-upper will not be perfect, but you should look for something with good bones (a solid roof, a strong foundation, and natural light).
Layout
Some older homes have interesting layouts. Knocking out walls or changing floor plans is possible, but it takes extra time and money. Finding a house with a layout you love upfront may be better.
Buying Tips
Whether you think you’ve found the fixer-upper of your dreams or are narrowing down your options, here are some tips to keep in mind.
Get in the Zone
Our best piece of advice is to plan for your fixer-upper journey. Know that it will cost you time, money, and sanity. Plan for delays when it comes to city permits, and remember that if you’re buying a foreclosure, you may need to deal with an eviction process.
Bring a Plus One
Bringing along a professional contractor or engineer means you have someone who can point out flaws and other issues that could arise later. Major components to consider include electrical, plumbing, sewage, HVAC, roofing, driveway, deck, steps, major work on bathrooms and kitchens, foundations, and structural soundness.
Be Picky
Choose just the right contractor with the necessary skill level and expertise. You won’t always be there when they are on the job, so ensure this person is easy to reach and communicate with.
Measure Twice
Even if you think you know what size you need of, well, anything, always measure again to avoid pricey mishaps.
Multi-Task
If you plan on renovating multiple rooms in your fixer-upper, work on them simultaneously. After you’ve painted or installed shelves or cabinets in one room, they can dry and set as you work on another task in the next room. This will make the most of your time – just make sure you have it in you to complete the projects!