Buying a fixer-upper can be a great way to get the home of your dreams at a fraction of the price. But, it also comes with its fair share of work. Before you start tearing down walls or picking out paint colors, there are a few things you should do first.
1. Get a thorough home inspection:
This is one of the most important steps in the process of buying a fixer-upper. A home inspector will be able to tell you what needs to be fixed and how much it will cost. They will also be able to tell you if there are any major problems with the home that you may not be able to see.
2. Make a list of repairs:
Once you have the inspection report, you can start making a list of repairs that need to be made. This can be anything from a roof leak to installing impact windows. This will help you prioritize what needs to be done first and how much money you need to budget for repairs.
3. Get quotes from contractors:
If you’re not planning on doing the repairs yourself, you’ll need to get quotes from contractors. This will give you an idea of how much it will cost to have the work done.
4. Create a realistic budget:
Now that you know how much the repairs are going to cost, you can create a realistic budget for the entire project. This budget should include the cost of materials, labor, and any other expenses that might come up during the course of the project.
5. Get financing in place:
If you’re not paying for the repairs outright, you’ll need to get financing in place. This can be a loan from the bank or a home equity line of credit.
6. Start small:
Once you have your financing in place, it’s time to start making repairs. But don’t try to do too much at once. Start with the most important repairs first and work your way down the list.
7. Don’t neglect the details:
When you’re renovating a fixer-upper, it’s easy to get caught up in the big projects and forget about the details. But, the little things can make a big difference in the overall look and feel of the home. So, don’t forget to paint the trim, update the hardware, and do any other small projects that will help give the home a fresh new look.
8. Enjoy your new home:
After all the work is done, it’s time to sit back and enjoy your newly renovated home. You can finally start making it your own and turn it into the perfect place to relax and entertain guests.