Considering a fixer-upper home? Whether you will live in it, or rehab and sell it, there are some things you should think about before you take the plunge. Here are some tips that will either make you even more excited to get started on your checklist, or make you run for the hills laughing at your own "brilliant" idea. After all, buying and renovating a fixer-upper is a big commitment and can be quite an undertaking.
First, consider the home's location. Is it in an area that buyers will find desirable? You've heard the adage, "location, location, location". Location is important to most homebuyers and if you will be selling your fixer-upper once the work is complete, you might want to think twice about where you are shopping for your fixer-upper. If in doubt, ask your local real estate agent. She can show you where the people want to be and point out location pros and cons that you might not have considered
Hire an inspector. Before you get started, reach out to an independent inspector and ask them to inspect your home from top to bottom. As a professional who has likely seem a little bit of everything when it comes to a home's quality and integrity, he might be able to uncover an issue that you would not have otherwise recognized. This could very well save you hundreds or even thousands of dollars down the road!
If you do come across any problems in the home, ask the question, "is it cosmetic or structural?" Hire a structural engineer who can tell you how to properly fix major issues, like problems with the foundation.
Pay attention to permit requirements. Permits are required for most fixer upper home projects. Ask your local officials if one is needed for the projects on your list and find out how much these permits will cost before you get started.
Planning is key. The layout of your home is very important. You want to be sure that the space flows well and that it will be functional for your needs and your lifestyle.
Be prepared to jump in and help. Take on the smaller cosmetic projects yourself. This will save you lots of money that you can put toward the bigger things you can't do on your own.
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