Are you interested in purchasing a home? If so, then you have two many possibilities that you can consider. You could buy a new build, or you might instead want to purchase a fixer upper. In this guide, we’ll explain why the latter option could be the right choice and the key steps that you should take to ensure that you get the most out of this investment decision. First, let’s look at some of the benefits.
Eliminate Costs
One of the biggest benefits of purchasing a fixer upper is that it should help you keep the costs under control. For instance, if you buy a fixer upper, the price is going to be significantly lower than a new build which means it’s a wonderful choice for first time buyers. Of course, this will only be the case if you are choosing the right fixer upper that doesn’t have so many hidden costs buried underneath the surface.
Create the Perfect Family Home
Next, a fixer upper is a fantastic way to ensure that you create the best possible family home that your kids will love. Why is this? Essentially, a fixer upper means that you can design it however you like. You can spend money on making the right changes and ensure that it looks absolutely incredible. This is just a matter of making the right choices when you are redesigning the property. Do be aware that creating the perfect family home out of a fixer upper can take quite a lot of time. But it will be very rewarding once you are finished making the right changes.
Think About the Location
Another point to consider is the location. A home is not just four walls. It’s also about where you live and where you want to reside with you and your family. The location even impacts the price of your property and the value that it might have in the future. This is another reason why it’s important to make sure that you are thinking about researching different aspects of a fixer upper including the location before you commit to purchasing a property in the future. Everything from crime rates to the schools in the area are worth exploring.
Get A Property with Character
The final point to think about is that if you invest in a fixer upper, you’ll have a house with true character. This is brilliant if you don’t want a home that looks like all the others on the street. That can be an issue if you do purchase a new build because they are all constructed by the same building company using the same plans.
Complete An Inspection
First, you need to make sure that you are completing a full inspection of a home that you are thinking about purchasing. This is important for any property you are considering buying but it is particularly important if you are buying a fixer upper because there could be serious issues lurking underneath the surface that you might not be fully aware of during an initial inspection. A thorough inspection will reveal whether or not purchasing a fixer upper is the right choice and the benefits that it could provide for you in the future.
Search the Market Carefully
Next, you do need to make sure that you are searching the market carefully. It’s highly unlikely that the first fixer upper you find is going to be the right choice. Instead, you’ll need to explore a few different possibilities before you decide to settle on a final choice.
The reason for this is that there are a lot of reasons why a home could be considered a fixer upper. Ideally, you’re looking for a home that hasn’t been particularly well looked after but doesn’t have serious issues that are going to cause massive headaches for you as an investor.
Clean It Up
It is vital that you take steps to clean up your home and ensure that it is free from any serious issues in the future. This could include possibilities like a pest infestation. If a home isn’t clean, it’s likely that there are going to be problems with pests. For instance, you might have to find out how to get rid of roaches if it has been left for quite a long time. These can be a nuisance to remove from a home and if you might even need to think about hiring professionals. Remember, there are professional cleaning services specifically designed for fixer uppers which can return a home like this to its former glory and ensure that it looks absolutely incredible. You just need to check whether an option like this is going to fit in your budget and find the right service on the market.
Check For Hidden Issues
Another point to consider is whether there are any hidden issues that you might need to explore when you are purchasing a fixer upper. Hidden issues can lead to a serious disaster and mean that you struggle to sell the home in the future or even break even. There are a few issues to be aware of here. First, there might be a problem with the roof. An issue with the roof could have serious ramifications. For instance, you might find that you are struggling with leaks in the roof or you could have problems related to dampness. Damp can cost thousands to repair and it’s something that you should take seriously if you spot it during a home inspection in the future. You could also find that there are issues with the structure of the home. There are many signs of structural issues with your home including doors sticking in doorways. This needs to be addressed sooner rather than later.
Make The Repairs
Next, you should make sure that you are completing all the key repairs around your fixer upper. Remember, the necessary repairs are likely going to show up when you complete the survey. These could be significant and take months or they could be completed in a matter of days. You should also make sure that you are thinking about deciding whether you are completing the repairs yourself or hiring a contractor to take the right steps for you.
Modernize The Home
You can also make sure that you are modernizing a fixer upper to ensure that it feels brand new and has all the right features. This is an important step to take as it will add value to the property and guarantee that you never have to worry about it not selling for the right price in the future.
Keep Costs Under Control
Finally, you should make sure that you are keeping the costs under control when you are purchasing a fixer upper. There are a few ways that you can do this. First, you should make sure that you are choosing the right property. If you purchase the wrong property, then the costs are quickly going to build overtime and this will become a disaster for your finances in the future. If you are hiring contractors to work on the property, then you’ll also need to make sure that you are choosing the right people and the best businesses.
We hope this helps you understand the key steps that you need to take if you are thinking about buying a fixer upper. This can be a fantastic investment opportunity and it could also be a wonderful home for both you and the rest of your family. You just need to make sure that you are taking the right steps from day one.
