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If you are thinking of buying and renovating a fixer-upper, there are a few things you need to know.
First of all, make sure that you do your homework. Figure out what you can afford and find out which neighborhoods are trending upwards. That way, if you do a renovation or major rehab project, you will be able to recoup that equity you are looking for. I can certainly point you toward some areas that are increasing in value.
Next, start evaluating the projects that you want to handle inside and outside of the home. Before you actually get started, plan what you intend to do. What repairs need to be addressed in the home? Keep in mind that not everything in a house needs to be fixed before you move into it; some projects can be completed over time.
"Evaluate the project and yourself."
It’s also important to be real with yourself. What projects can you tackle on your own, and which ones should you hire a professional for? You might be very handy around the house, but that doesn’t mean you should fix the roof or redo the hardwood floors on your own. If you need any recommendations for a professional, let us know. Sometimes hiring a professional can be worth your while.
Finally, evaluate the project and yourself. Consider whether or not you are ready, willing, and able to complete the renovation. Renovation involves a lot of destruction. Whether you live in the house while you renovate it or move in after renovations are done, you need to evaluate the scope of the project before you make your move.
If you have any other questions about fixer-uppers or about real estate in general, give me a call or send me an email. I would be happy to help you!
