August 24, 2022

My Top 3 Tips When Buying a Fixer Upper House

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Hisham Javed

Buying a fixer-upper can be an excellent way to purchase a cheaper house in a nice neighbourhood. Once you fix it up, you can either live in your new, beautiful home, rent it out for passive income, or sell it for a profit – all options sound great. However, while buying and house flipping a fixer-upper may sound like a fairly easy plan, there are definitely a few things you should consider before starting on your project. 

1. Consider the Overall Cost 

Before purchasing a fixer-upper, you should consider how much your renovations will cost and add it to the home's initial price. Many people tend to underestimate how much remodelling your home will cost and run out of money before the project is even finished. Make sure your estimates are accurate and account for the cost of materials and labour. It would also be best to overestimate the cost to cover any unforeseen expenses.

It is also imperative to get a home inspection before you purchase a fixer-upper or any house, for that matter. A home inspector will make sure the property doesn't have anything seriously wrong with the house. For example, they will look for rundown roofing, pest infestations, poor electrical wiring, and other possible issues. This can help save you lots of money, and you can even renegotiate your offer for the house if the inspector finds significant issues.     

2. Think About How Much Effort Your Are Willing to Put 

It's no secret that fixer-upper projects take a lot of work. You must decide what parts of the house need remodelling, create a plan that fits your budget, and pick out the material. You will also need to manage the contractors in charge of each project. So before embarking on the long, house-flipping journey, you should see how much work the house will need. Then think realistically about how much energy you are willing to put in.   

3. Save Money With DIY Home Improvements 

One of the easiest ways to save money is to do some work yourself. You can save a significant amount of money by cutting out the labour costs. Depending on your skills and willingness to learn, you can complete tasks such as painting the house or installing the cabinets. With the help of the internet and many DIY youtube video tutorials, you can easily do some of the renovations yourself. 

Photo credits go to Rowan Heuvel.

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