Buying a fixer-upper can be a DIY-lover's dream. A house with plenty of potential for improvements at a great price might seem tempting. However, there are some specific things to search for to make sure you find the right fixer-upper. Here are some tips for what to prioritize to have the best fixer-upper experience:
A common pitfall of many DIY projects is an unrealistic assessment of the project's difficulty. Before taking on an enormous project like renovations for an entire fixer-upper, take some time to really think about what skills and knowledge are required for smaller home projects.
There's no rule that says you have to fix everything yourself—in fact, things like electrical and plumbing improvements should be done by a licensed professional. However, even small tasks can require skills you might not have thought of beforehand.
The sooner you have your financing lined up for a fixer-upper project, the sooner you'll know what renovation plans are possible. Research your loan options and make a budget that includes every part of the process. Expenses include a down payment, closing costs and materials for renovations. Many traditional mortgages will let you finance renovations in addition to the regular purchase. Otherwise, you can apply for a renovation-specific mortgage.
Even if you plan to DIY your fixer-upper renovations, hiring a professional contractor can help you spot issues you might otherwise miss. Make your own budget and estimate concerning the cost of materials and tools, but leverage the knowledge of a contractor to help you identify major expenses.
If they happen to find significant structural damage, for example, you won't be stuck with an unpleasant surprise halfway through your project. You can get an estimate for what you might need to hire out a professional while also budgeting for yourself.
Nicki has a passion for building relationships and fostering community engagement, honored and enthusiastic about joining the MMFRE team. An Oakland County native, she, along with her three children, make Clarkston their home. Having an in-depth knowledge of the area and all the lakes have to offer, her insightfulness equates to rewards to all that are purchasing (and/or) selling their most valuable asset.
Armed with a Michigan State University (MSU) degree as well as 10 years of business experience in advertising and marketing, Nicki's "silver lining" shines through when it comes to showcasing properties for the "highest" and "best" results in this fast-paced, competitive industry.
She's "people person" at heart and enthusiastic about delivering results, you're sure to get to a successful finish line as my resourceful package of approachability, talent, resourcefulness, creativity, cheery attitude and honest hard work is yours for the asking.
