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- Is the house just ugly? What kind of problems does the house have? Is it mainly cosmetic changes that would improve the home such as painting walls, replacing sinks, etc? Look for a home with minor problems that won’t cost you a lot of money or require lot’s of contractors.
- Is there structural damage? If the home’s problems include structural issues, you may want to pass on buying it, especially if you are brand new to home repairs. Problems such as foundation issues, termites, or plumbing are generally found during the home inspection and are both expensive and time consuming to fix.
- Do you have time? Fixer uppers require a lot of time and effort, so if you are already busy or like your weekends free, think twice about buying a fixer upper.
- Where will you live? If you have a place to stay while the work is being done, then renovations on a new home may not be a big deal. If you love DIY projects and don’t mind the mess, then staying in the renovation zone may work for you.
- Can you hire the right contractor? If you need a contractor, you need time to research the right one for the job. Obtain at least 3 estimates for all work that needs to be done, request references, and visit examples of their work if possible.
- How does it fit into the budget? If you are scraping up every last penny for the down payment, you may be strapped for cash once renovations begin. Even when you do have money saved up for the renovations, always add another 20% on top of that because even the most carefully planned projects will have unexpected expenses come up.
- How will it affect your relationship? Working on a home that needs extensive work can be stressful on a relationship.
- Do you have a support team around you? If you are single but still want to take on an fixer upper, make sure you have a network of people that can assist you; don’t work on the home alone and make sure that those assisting you have some expertise.
- Do you have realistic expectations? If you are a fan of home renovation shows, don’t assume your experience will be just like what you see on TV. Those speedy and many times perfect results are not realistic. If you plan ahead well with your finances, time, and resources you could have a great experience that really pays off.