Should You Consider a Fixer-Upper?

Thanks to many renovation shows on tele these days, many people are purchasing a wreck and creating their dream homes. While it’s unrealistic to expect that you’re going to buy a brand new home and be completely happy with it exactly as it is, not everyone should consider buying a fixer-upper and moving forward with renovations. How do you know if the process is right for you?

How Much Will It Cost?

Understanding the true cost of the home, renovations included, is step one. One mistake that you don’t want to make is to assume that you know how much any potential renovations will cost. Unless you’re a carpenter or contractor you’ll likely not have the ability to accurately determine exactly how much the renovations will cost. If you’re serious about buying the home, but you want to do renovations, ask your realtor if you can have a day to bring a contractor over to the home. The contractor will be able to give you an idea of exactly how much your renovation will cost. Then you can figure out if you’re able to swing the renovations immediately once you subtract the cost of the house from the amount of loan you’re able to secure.

Doing It Bit by Bit

If the amount it will cost to renovate is more than you want to spend right off, think about doing the changes a little bit at a time. A lot of homeowners take time to make the changes they want to their homes, and it’s often a good idea as you might change your thoughts about what you want to renovate the longer you own the home. In some cases, though, this idea is a deal-breaker, as if the home isn’t in liveable condition for your family, it may not be a good idea to do it in pieces. Moreover, you may not have the patience to do so.

Making the Decision

The right choice is going to depend on several factors, and affordability has to be at the top of the list. Additionally, though, think about whether you like to take on new projects, your patience level, and what your ideas for the home might be. As online estate agents, we’ll help you find the perfect model in the right shape to meet your needs. Contact us today to learn more.

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