Should You Buy a Fixer Upper?

It looks so simple on TV: Locate a fixer upper with “good bones,” work with a few telegenic workers, perhaps squabble together with your partner about the interior paint color and presto – the house has doubled in value. The truth, needless to say, is not really so easy. Here are some items to consider before investing your hard earned money – and time – in a fixer upper.

1. Are you able to afford it?
After consulting a professional building inspector to evaluate the house, a contractor for a time and money quote on the work to be done, along with a Realtor to ensure the renovations are in line with what buyers want, do the math. You’ll want to include materials and add an additional 10-15 percent for renovation “surprises” that may arise. Once you have the overall price tag, you are able to calculate whether you have enough money to fund the cost of renovation or need (and are qualified) to obtain a renovation loan.2. Do you have the amount of time?
Although you may plan on hiring contractors to do the majority of the work, coordinating with with them still requires a big chunk of time. If you just started a job, are expecting a baby or simply don’t wish to commit the necessary hours towards the project, it might not be prime time for a fixer-upper.

3. Do you possess skills? (Or handy friends?)
Doing the labor yourself can save you money. A great deal of renovation work, especially cosmetic projects, is not rocket science. But if most encounters you have had with power tools have ended in the ER, it may be best to choose a contractor.

4. Just how do you feel about living in a construction zone?
Unless you can actually live elsewhere during renovations, think hard and long about whether living in an unfinished house, that includes workers along with a power tool soundtrack, will drive you nuts.

Prior to deciding to dive into a fixer upper, consult with a Realtor who is able to help you in identifying promising homes and emerging neighborhoods where you might get quite possibly the most bang for your building bucks. Nick & Cindy Davis are those REALTORS in the Tampa Bay and surrounding areas. We are always available by simply clicking here or you can always call us at 813-300-7116.