Nearly every homeowner has considered purchasing a fixer upper at some point simply because it is a great way to get a nice home for a low price. These diamonds in the rough are usually priced far lower than houses that are in good repair, but many of them do not need that much work in order to make them livable. With that being said, there are a few things that you should look into before you make a purchase, as some things will cost a lot more than others to improve. If you feel like you are ready to purchase a fixer upper and involve yourself in the ultimate home improvement project, read on and you will learn a little bit about what this project will require from you.
The first thing that you must look at is what your plans for the home will end up being. If you plan on living in the home, make sure it is located in an area that you are comfortable with and make sure that the home will be large enough for your family. If you simply wish to flip the home once you have made these improvements, then this is not as important. You should be able to find a great price on a fixer upper, but make sure that you have the foundation and the structure inspected before making the purchase because these flaws will be too expensive to repair.
Your goal here will be to make the home look as aesthetically pleasing as possible, as this what will attract potential buyers. With that being said, it is important to buy a home in a good area because people will pay more for a good location. Even though your initial costs might be a little bit more, you will end up making that money back in the end if you choose a good location. Also take a look at the configuration of the home, as people usually want homes with multiple bedrooms and bathrooms. While you are doing your renovations, you can easily add a bathroom to the property, as long as there is room for one. The layout is also very important because eliminating walls is too pricey. You will want to make sure that there is a good flow throughout the home in order to attract buyers. Remember that not all people enjoy the same type of layout, so there is no definite layout that you should go with.
The most important thing to consider is the overall condition of the home, as some improvements will cost more than others. Things like painting and patching walls, replacing carpets, installing new lighting fixtures, adding trim and baseboards, replacing or repairing some windows, replacing bathroom fixtures, replacing doors, and changing light switch covers are all very easy and will not take much time, effort, or money. Other improvements such as work on the foundation, adding air conditioning, replacing the roof or siding, any plumbing or electrical work, … Read More