5 Tips for Homebuyers Buying a Fixer-Upper – The opinions expressed by the author in this and all guest blogs are not necessarily those of Gainesville Restoration and Remodeling.
5 Tips for Homebuyers Buying a Fixer-Upper
Buying a fixer-upper is a great opportunity for you to create your dream home. With some TLC, restoration, and remodeling, your ideal home can become a reality. However, it is important to go into the process prepared, flexible, and with an open mind. If you’re considering a fixer-upper, take a look at the five tips below to help you enjoy the process.
Meet With Remodeling Professionals
During your house-hunting process, consider consulting a remodeling and restoration team. Professionals can give you an idea of what to look out for and estimates for the cost of projects. A remodeling team can help you pinpoint your design style, too. Once you purchase and close on your home, you will have already established a relationship and determined your style to move forward with. Then, you can get to work on the plans and details to start your remodel.
Think Carefully About Your Budget
When going into buying a home that you will remodel, it is crucial to be able to balance the purchase price with your reno budget. There are some factors to consider when thinking about your budget for a fixer-upper. The key is to buy a home in a good neighborhood, with good bones, that is well below your budget. This way, you will have more than enough room in the budget for your renovations and any unexpected costs. To figure out what a good baseline price would be for you to allow you room for your budget is to look into some remodeling resources and educate yourself on a mortgage preapproval. This process can help you figure out what your home’s monthly mortgage cost might be in relation to the amount you’d like to spend on the remodel. Think about how much you are willing to devote to the project to get your dream design. You want to make sure you are buying a home that is manageable to fix up, while also staying within your means.
Identify Your Design Must-Haves and Goals
Fixer-uppers have lots of potential, but the condition of the home directly impacts your design capabilities. In order to determine if a home is right for you, think about how much work you are willing to do and what your design goals are. If a home is a total gut job, then you will need to factor that into the equation. Will you have the funds available to upgrade that large of a project? If you are not interested in an open floor plan, but you want a gourmet kitchen or perhaps a spa-like bathroom, you can focus your design priorities there instead. However, you need to establish your general goals before looking at homes in order to stay on track and have a clear plan. Be sure to create a list of your top priorities when it comes to the renovation and start there first—you may also want to consider how much time each ‘must have’ might take and factor that into your decision as well.
Focus on the Home’s Potential
When looking at homes, remember to focus on their potential. At first, it may be hard to see what a home could be when you are distracted by a boxy floor plan and outdated fixtures. Yet, every home has its own unique advantages and features that can make for an excellent home once the remodeling is done. You also want to pay attention to the home’s bones—its main structure, foundation, and frame. If these are in good standing, the home is likely in good standing to become your perfect fixer-upper! Sometimes all it takes is removing some walls, configuring the layout, and bringing it up-to-date with your personal style to totally change your perspective.
Get a Home Inspection
A critical component of your home buying journey when buying a fixer-upper is getting a home inspection. You never know what a professional can uncover when going over your property with a fine-tooth comb, especially with an older home or fixer-upper. A home inspector can review all of the home’s major systems, and give you a detailed report back on its current standing. That way, you can even negotiate with the seller to fix these issues or score a lower price on the home. If everything checks out, you can have peace of mind in knowing you won’t have to eat away at your remodel budget due to hidden issues.
Looking for a fixer-upper can provide you with limitless opportunities. Rather than buying a home with someone else’s design aesthetic, you get to be creative and craft a home that is uniquely yours. A fixer-upper is your canvas, and you are the artist that can bring your one-of-a-kind design to life. Don’t forget to plan carefully, let your creativity flow, and have fun when looking for your fixer-upper home.