If you’ve ever drooled over a spiffy little Victorian or fabulous Cape Cod home but didn’t have the funds to buy an already restored property, then you may be thinking about picking up a fixer upper. Fixer uppers seem to evoke two main responses in potential buyers, that of total optimism or that of complete terror. However, if you proceed cautiously and keep yourself firmly in the realm of realistic expectations then you can actually come through the experience relatively unscathed with a fabulous house to live in.
Many of the eternal optimists go into the whole adventure only thinking about the pros of the situation. “Houses that need work are cheaper, and I can make a lot of money fixing up a cheap house and then reselling it because upgrades will make the house worth more”. Pessimists look at the whole experience as a large hole in the ground that you throw money into while you live years in a house full of drywall dust. Interestingly enough, both of these perspectives can be right but you can get the best of the situation if you go into the project logically and rationally.
Homes that need work do cost less, but they cost less for good reason. Sometimes they’re not reduced as much as they should be, considering how much work they require. Don’t buy any fixer upper without having a thorough inspection done so that you know exactly where you stand. Be aware that some problems may not come to light until after you start fixing things up.
Before buying a ‘diamond in the rough’ consider the neighbourhood. If the neighbourhood is unlikely to appreciate to a level where you could get a good price for your home, then it may not be worthwhile to fix up a house there. The age old adage of “location, location, location” certainly applies here.
While it is true that upgrades and repairs certainly make your house more liveable, some of them do not make it worth more. Kitchen renovations and additional bathrooms are generally sure fire ways to add value; ask your agent what sort of things buyers are looking for if you need ideas of what will sell. Be sure also to look into government grants for energy efficient upgrades that can be made.
Take care to get recommendations for contractors if you need to use one. Sometimes contractors can prove to be unreliable or less than spectacular; a pricy contractor can prove to be cheaper in the long run if they do the job right the first time. Get your contractor estimates before you buy and be sure to take them into account in your offer.
Be prepared to work on one area of your home at a time if you’re going to live in it while it’s renovated. Some homes require renovations that take a long time. As well, some neighbourhoods take a long time to appreciate to the point where you can make a profit on the sale of a renovated house.
All in all, fixing up a character home can be a really rewarding project. It can be very satisfying to live in a home that you’ve fixed up to be just the way you like it. Take care to go into the entire process with open eyes and a good plan to make the project go as smoothly as possible.
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BUY 2 GET 1 FREE – The Fixer Upper: A Novel $5.99 |
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Sellers From Hell $1.99 … |
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The Fixer Upper: A Novel $3.21 Book Description The delightful New York Times bestselling author returns with a hilarious novel about one woman’s quest to redo an old house . . . and her life. After her boss in a high-powered Washington public relations firm is caught in a political scandal, fledgling lobbyist Dempsey Jo Killebrew is left almost broke, unemployed, and homeless. Out of options, she reluctantly accepts he… |
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Fix ‘em Up, Rent ‘em Out: How to Start Your Own House Fix-up & Rental Business in Your Spare Time; or, Investing in Real Estate and Creating Wealth with Fixer-Upper Houses $14.00 This book how to get started repairing houses and renting them out in your spare time. It covers various aspects such as house selection, what to repair, handling tentants, managing the books, and taxes. The book describes the two safest ways to make money in real estate, and one chapter is devoted the the “Zen of Repairing Propertied.” The author uses examples from his own experinces, humor and m… |
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Find It, Buy It, Fix It: The Insider’s Guide to Fixer Uppers $0.75 In this era of rising real-estate and building costs, it’s natural that homeowner wannabes are turning to the less expensive (though more problematic) joys of fixer-uppers. Robert Irwin is a specialist in the area of improvable real estate, and this book is a terrific primer for those do-it-yourselfers who want to save money on the house of their dreams (or turn it around for a tidy prof… |
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