In the last few years, ‘fixer upper’ properties have become extremely popular. Many first time home buyers and investment buyers are forgoing turn key homes for houses with a bit lower price tag, but need some work done.
Here are some tips to remember when looking at a home that needs work:
Cost
Make sure you mentally include the price of upgrades when submitting your bid. Painting and floors is one thing, but once you get into actual structural changes you need to have an idea of how much it will cost before committing.
Timing
Living in a house under construction can be…hard. Try completing major renovations before you move in so not to disrupt your life. If this isn’t possible, consider the plan for living in a house while also updating it. Are there specific rooms you can live in while the rest of the house is being worked on? Can you live on one floor while the other is being demoed? Having a plan for the construction is key.
Talk to an engineer
If you are planning on making structural changes ensure they have been approved by an engineer and the city before submitting your bid. There are bylaws you may have to adhere to as well as structural limitations. You don’t want to plan your dream home just to find out its not possible!
Photos
Before and after photos are the best way to track your process…and remember what it once looked like!
Most importantly, EXPECT THE UNEXPECTED. Delays, over budget costs, and unexpected road blocks are very common with fixer upper properties. Take your time. Do it at the pace that makes the most sense for you and remember to give yourself lots of buffer room with both time and budget. It will be a lot of work, but totally worth it in the end!
If you’re looking for a property, give me a call!
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