Getting into a home permanently is certainly a responsible way of living your life. You’ll build equity in a place you can call yours. But it’s no easy decision to get into this, since there are always tens or hundreds of thousands of dollars involved.
If you’ve been wondering, “Should I rent or buy a house?” and have settled on an affordable fixer-upper that you want to update and resell at some point, there is a variety of things you should consider.
This is especially true if you yourself will be living here: make sure you know what you’re getting into, since a mistake can set you back and possibly cost you your investment.
So, here are some basics things to know before buying a fixer-upper.
The right contractor will be vital here, since you will need the house updated to your specifications, and you need to be able to trust your contractor. Interview a few before starting the job so you can leave the workers to their craft without feeling the need to check in on them. Remember, this is your fixer-upper, so get exactly what you want.
It depends on what you know, but you can also feel free to get some work done on this house, too. If there are easy jobs that you know you can handle with confidence, why not do them? For instance, if you’re a master of putting flooring in, go for it. If you know painting walls is something you enjoy, why not save yourself some money there?
The only thing is, know your limitations. If you come to an obstacle you can’t overcome, let the professionals do it. There’s no sense in messing something up that didn’t need to happen.
It’s no secret that, to update a fixer-upper, you’ll need a pretty strong budget. You have to go through the house, determine what you’ll need to fix, remove, update, and the like. Then, you should probably be prepared to go well over your budget.
It’s quite easy to undervalue the cost of a job like this. You really have no idea what else can arise along the way, and once a problem does hit, you’re solely responsible for it. Set aside some extra money for things like this. It will save you a nasty surprise later.
Buying a fixer-upper isn’t a bad idea at all. You just need to know what you’re getting into. Plan for the future, and you will get out of this house exactly what you put into it.