Buying a Fixer Upper
5 Steps to Buying a Fixer Upper
If you’re flipping a house to sell, or renovating your own to turn it into the home of your dreams, then you know that renovations can be a challenge. There are always unforeseen issues from foundation issues, leaky pipes, to bad electrical work, each potential issue can take a major chunk away from your budget. Creating a plan before you begin your renovation will keep you and your budget on track, account for some issues and have some wiggle room in the budget just incase anything does go wrong. Take a look at these five tips that will help you turn your fixer upper into a dream home.
Find a Quality Inspector
Before you start putting money into a home, you need to know what you’re getting yourself into. Before signing any papers on a fixer upper, find a quality home inspector first. An inspector will show you any problem areas the home may have, and give you a better understanding of what you’re getting yourself into. Sometimes a home may look great on the outside, but with a professional eye you may realize you’re looking at a money pit. Be sure the inspector you hire can provide prof of licensing and has at least three years of full time experience.
Establish a Budget
If you don’t create a budget prior to renovation, it’s very possible your bank account will have you seeing red. Repair costs add up fast, make sure you create a list of the necessary repairs and total those costs. Account for time and labor, and give yourself some extra wiggle room incase something goes wrong. You don’t want to under budget a project and end up with an unfinished kitchen or bathroom. If you’re flipping the house, figure out the after repair value of the home, this is the price the home should sell for once it’s fixed, take into account the total cost of the renovation as well.
A typical project list on a fixer upper will look something like this:
- Exterior paint
- Interior paint
You’ll need to do some research on how much each category will cost. Some of these costs can be easily determined, but others might require help from a professional contractor.
Consult Multiple Contractors
Once you’ve made up your project list, the next step is to get a few quotes from different contractors. It’s important to compare costs and find the most reliable contractor to help you with your renovations. Make sure the contractor you hire is aware of your budget, has proof of licensing, insurance, and has experience with fixer uppers.
Figure Out What to DIY
After figuring out the cost of your contractor, you may want to consider tackling some projects on your own. DIYing a project will save you money, but be sure you only tackle projects you can handle like painting and landscaping. Leave tasks like electric and plumbing to professionals. You don’t want to take on a big project yourself, mess it up, and end up spending double to fix your own mistake.
Create a Project Timeline
Figure out what projects need to be addressed first and what can be saved for last. Allow enough time for each project to be completed, and set realistic expectations for yourself and your contractor. Keep in mind your timeline may change as renovating isn’t always a smooth process, don’t get discouraged if something takes up more time than you had planned, but try to keep your timeline on track to the best of your ability.
Follow these five steps to ensure your fixer upper will turn into a dream home! Whether you’re flipping or staying, using these tips will help you complete your renovation on time and in budget. Remember for all of your dumpster rental needs call us at Waste Solutions 123! Call us today for a free quote on our affordable roll off dumpster rentals and get started fixing up your home!