Mar 5, 2014

Should You Buy a Fixer Upper? -When buying a house for the first time, the first question you should ask is, how much repair are you willing to put into the house? If you want a bargain house, a fixer upper just might be your cup of tea. The work could be extensive, but it will be worth it when you are able to live in your dream home or sell the house at a price higher than your purchase price. You should buy a fixer upper if you have the time and devotion necessary to create a dream home for you or for someone else.

Fixing up a home requires capital. You'll want to know about huge expenses right away, which is why you need initial building inspections. Ask a surveyor to review the house and the land, because you need to know your options. Understanding what type of land you have and what type of foundation comes with the house will help you understand what changes you can safely make. Ask for these reports before making the purchase; if the home is too far gone for your budget, you'll want to know before you get into something that's over your head.

Understand your limitations and your capabilities. After the building inspections and surveyor reports are finished, make a list of what you can do and what you can't do yourself. Consider the price of each and work that into your budget. You'll need to make sure all the work can get done, but it needs to be done properly. Do not attempt to rewire the house if you're not an electrician. Don't tear down walls if you don't understand what a supporting wall is or why it exists. If you attempt to do something that you're not used to doing, you could make your fixer upper worse. Be realistic and call in the professionals when necessary.

Finally, you need to decide if you will live in the house while it is under construction. This is an important question to answer especially if you don't plan to flip the house when it's finished. If you don't plan to live in the house, will you have two houses? If you are living there, will you renovate around your family or will you live in one section of the house while renovating other sections? These are questions you need to answer with your family to determine how you will handle the renovations. You also need to consider how you will handle the children. Will they help you? Will they be involved in the decision making in the house? Will they need to go to a sitter while you're working, and can they live in a home with construction materials? These are all important questions to answer when fixing up your home.

After you've finished the renovations, your home will be an amazing work of art. You can proudly live in or sell the home, knowing that you have put a better place on the market.

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