Buying a home is perhaps the most significant investment you’ll ever make and a huge influence on your lifestyle and well-being. Naturally, you want it to fit your personality and needs and be the perfect environment for your day-to-day activities, personal growth and leisure moments. Seller stage homes to look appealing to a broad audience, so you will undoubtedly have to put in some work to bring your touch to it.
Instead of trying to find a home that already fits your style and preferences, which will probably take you quite a while, you can buy a fixer-upper and let your creativity free when renovating.
But before you throw yourself into a deal that is too good to be true and end up regretting your decisions, here are a few things you need to know.
Focus on the Important Aspects
Even if buying a fixer-upper involves a lot of transformations and improvements, you need to have a good structure to work with from the start. Choose a layout that covers your family’s needs and that you can adapt to future projects.
Also, it is essential to buy a house in a neighborhood that gives it value on the long-term, in case you decide to sell it.
Evaluate the Cost of the Repairs
If you want to get the best out of this deal, then you should be able to cover the selling value of the fixer-upper house, plus the expenses for repairing and renovating it. Depending on your budget and your expectations, you can adapt the timeline of the restoration and prioritize the work that will allow you to live there.
For example, if you have a limited budget, for now, do the structural repairs first and leave the landscaping and garden décor for later.
Be Realistic about What You Can Do on Your Own
A lot of buyers who choose a fixer-upper, especially those who just want to “flip” it and re-sell it, are overconfident about their ability to DIY certain house repairs.
Some are trying to save as much money as possible, or they believe that specialized firms are overpriced, while others underestimate the complexity and difficulty level of certain tasks. All these projects often end up lingering with more unexpected repairs that in the end cost more than hiring a professional. Only do the repairs or renovations yourself if you have experience and the know-how.
Our final recommendation is to trust the opinion of experts when it comes to fixer-upper homes and other bargain deals. If you want to buy a property and you need a consultation, the agents at RE/MAX Experts will be available to answer any concerns and questions you may have!