Can’t find exactly what you’re searching for in a family home? Do some of the listing prices seem a bit out of reach? Maybe you’ve found several lovely houses but they’re just not in the right location.
Don’t discount looking at a fixer-upper home. With a little time and effort and the right price point, you might be ready to move into the property of your dreams. There’s a little more to consider when adding fixer-uppers to your viewing list. Here’s my advice.

Assess repairs with a professional

Before you purchase any house, it’s important to have a home inspection done. This goes double for a property that needs a lot of work. An inspector will tell you how sound the home’s structure is, and whether the plumbing, heating, electrical, and air conditioning is functioning well. A thorough inspection should include specific repair recommendations that will help you sort out the funds needed.

Determine feasibility of renovations

If you anticipate putting an addition on the house, relocating a staircase or knocking down a wall, you’ll require the expertise of a contractor. Not only will they be able to tell you whether what you want to do is feasible, but they can give you a cost estimate.

Decide if you can DIY

Chances are, you may be able to DIY, or ‘do it yourself, some repairs and renovations. If this is the case, you’ll need less money than if you hired someone for the job. And, you might have a skilled friend or family member willing to help out. It’s one thing to strip wallpaper and hangs a new door but quite another to update electrical work, so make a good decision.

Price permits

When you’re planning modifications to the property, be sure that you understand what permits are required and what you’ll need to spend on these. Granted, it may take a little time for approvals to come through but when it does, you’ll want to have the cash ready.

Calculate the cost and add more 

It’s always smart to add about 10% to 20% to the repair and renovation estimate. That will cover you for anything unforeseen and give you peace of mind. Plus, material costs can fluctuate so you should be prepared for that too.

Verify your financing

Keep in mind that you must have sufficient money for a down payment on the property and closing costs in addition to renovations and repairs. If you’re going to apply for a loan to fund the work on the home, seek pre-approval.

The last word

Once you tally up the cash required, you can decide what renovations you want to go ahead with and which ones you may put off until you’re in a better financial situation. If you believe the house is a good value and you can make it your own by fixing it up, there’s really no need to do everything right away.
If you’re in the market for a fixer-upper, reach out to me and I’ll gladly help you find the perfect property.