5 things you need to know before purchasing a fixer upper
Are you considering purchasing a fixer-upper as your new home or investment property? While it can be an exciting prospect to take on a property in need of some TLC, there are a few things you should consider before making the leap. In this blog post, we will discuss five important things to know before purchasing a fixer-upper.
1. Get a Home Inspection
One of the most important steps before purchasing a fixer-upper is to get a home inspection. A professional inspector can identify any structural or mechanical issues, such as a leaky roof, faulty electrical wiring, or plumbing problems. These issues could become costly repairs down the road, so it’s crucial to know what you’re getting into before purchasing the property.
2. Determine Your Budget
When purchasing a fixer-upper, it’s important to determine your budget not just for the purchase price, but also for the renovations. The cost of repairs can add up quickly, so it’s essential to have a clear idea of your renovation budget before you start. If you plan to hire a contractor, be sure to get multiple quotes and make sure the contractor is licensed and insured.
3. Consider the Renovation Timeline
Renovations can take longer than expected, so it’s important to have a realistic timeline in mind. You may need to live in a temporary location while the renovations are being completed, so factor in the cost of rent or a hotel stay into your budget.
4. DIY vs. Contractor Repairs
Some repairs can be completed on your own, while others may require the help of a contractor. If you have experience with DIY repairs and are confident in your abilities, you may be able to save money by completing some of the work yourself. However, if you’re unsure or the repairs are more complex, it’s best to hire a professional to avoid costly mistakes.
5. Don’t get in over your head
While a fixer-upper can be a great deal, it’s important not to take on more than you can handle. The worst house on the best block may seem like a great opportunity, but if the repairs are too extensive, it could end up costing more than it’s worth. Be sure to carefully consider the time, money, and effort required before making a purchase.
Do your research before you buy a fixer upper
Purchasing a fixer-upper can be a great way to get a good deal on a property and put your own personal touch on your new home. However, it’s important to do your research, determine your budget, and consider the time and effort required for renovations. By following these tips, you can make an informed decision and avoid any unexpected surprises.
In addition to the tips provided, taking a homebuyer education course can also be incredibly beneficial before purchasing a fixer-upper or any other type of home. Our homebuyer education and money management courses can provide valuable information about the home buying process, understanding mortgages, credit scores, and financial planning. Our post-purchase courses can also provide insight into home maintenance and repairs, which can be especially helpful when purchasing a fixer-upper.
By taking a homebuyer education course, you can gain the knowledge and confidence needed to make informed decisions about purchasing a home. It can also help you avoid common pitfalls and ensure that you are getting the best deal possible. Investing in your education can pay off in the long run and help you make your fixer-upper dream a reality.