Below are three tips that will help you to buy a fixer-upper and renovate it into your dream home without breaking the bank.
1. Use More Than One Home Inspector
A lot of the problems that home inspectors find within a home depends on the experience they have. So, while a home inspector may be honest and believe they've found all of the issues present within the home, it can be a good to have a few pairs of eyes to catch mistakes.
Remember that a home inspector may not have come across every single home issue that's possible. This means that while one may know what they've been taught to look for when considering whether a home has foundational damage, they may not have ever seen it in person and may miss a few signs. Yes, home inspectors do cost a good chunk of change up front, but having multiple home inspection reports by different inspectors can save you thousands in the long run.
2. Consider How Much Time You Really Have
It may be a lifelong dream of yours to buy a home in need of some TLC, but before coughing up that down payment, consider how much time you really have to put into this project.
The renovation of a fixer-upper is a full-time job. While it's possible to work a paid full-time job and then spend your spare time fixing up your home, it may not be at all realistic for where you currently are in life. Are you able to devote the entirety of your weekends and vacations to this renovation? Will you be able to go directly from work to your fixer-upper and work long into the night? Can you take time off for tasks that require the help of contractors? Before you purchase your fixer-upper dream home, consider how much time you'll really be able to put into it, and if you don't have much time, whether you have the cash to pay for the remodeling contractors.
3. Know Your Home's Renovation Limits
It can be easy to get carried away when making plans for your fixer-upper's renovations. However, it's important to know how far you can really go with the renovations based upon the home's basic structure and bare bones.
For example, if you're looking to have an open floor plan but the home is full of load-bearing walls, turning that house into your dream home will be a headache (financially and emotionally). So, before you purchase, be sure to know exactly how far you can realistically go. It can be tempting to buy a cheap fixer-upper and assume that you can renovate as if the home is a blank slate, but the reality is there will be limitations, and it's good to know about these before the purchase even occurs. If you decide to push the home's renovation limits, expect to pay a lot more than you initially planned.
If you're interested in buying a new home, whether you'd like to buy a home that's move-in ready or one that will require extensive renovations, consider working with a real estate agent. Learn more about the housing market in your area by contacting a real estate agent today.
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