Want to save money but still acquire the home of your dreams? To many, this idea seems impossible. To others, it’s a fun project. Buying a fixer-upper and doing the work yourself isn’t for everyone, but for those who aren’t afraid to get their hands dirty, it can be highly rewarding.
At the same time, buying any old fixer-upper you see on the streets isn’t a wise idea. There are certain precautions everyone should take before buying a house you plan to flip yourself. Also, there are things you can do in advance to make the work more comfortable for you. Plus, once you get into the actual work, certain features are the most cost-effective to upgrade but still make a big difference.
Below, we’re going over all the above (and more) because creating a beautiful home should be possible at every price range!
STAY WITHIN YOUR SKILL LEVEL (OR UPGRADE YOUR SKILL LEVEL)
One important thing to remember is where you’re at personally with your handiwork and carpentry skills. Fixing a house up is a lot of physical labor, but it also takes specific renovation knowledge and expertise.
If there’s a house you love, but the work that needs doing is far above your skill level, it will never be worth it. You’ll end up funneling in more money than planned, and it might not come out to look the way you had imagined. Instead, stay realistic about what you can and cannot do and pick a house within those limits.
On the other hand, you could also upgrade your skill level before the process starts so that you do have the education and hard skills needed. You could get your contractor’s license within the state you’re looking to buy in – that way, you’re licensed and legal but also full of information and know-how so that your house turns out even better. You can even take essential exam aid classes to ensure a passing score on the first try.
AVOID COMMON PITFALLS
Sometimes, eager homeowners can look past significant flaws and faults within a fixer-upper that should otherwise be red flags. If the potential home you’re looking at has any of the below issues wrong with it, steer clear.
These problems aren’t usually worth the money and time it would take to mitigate or resolve it. These red-flag issues include:
- Infestations of pests or insects
- Mold (especially black mold)
- Water damage
- Bad location
PASS AN INSPECTION BEFORE YOU BUY
Before you ever put money down, make sure the home can pass a formal inspection. While you might not be able to notice any glaring issues yourself, it’s the inspectors’ job to spot what could later become a problem.
An inspector will be able to warn you of any foundational problems that would prevent you from wanting to purchase the house.
REMODEL FOR THE FUTURE
As you flip and remodel, consider the real purpose of your remodeling.
Are you looking to build your dream home, where you’ll stay happily for years to come? Then, by all means, go at it with wild abandon in curating it, especially for you.
Are you trying to create a beautiful home that will grow in value to sell later? Instead of choosing personalized renovations, go with designs and features that will hold their value over time, and appease the masses.
SOMETIMES, THE DETAILS MATTER
Especially when you’re renovating, details matter! Instead of feeling overwhelmed by the status of the house and trying to redo everything, you can focus on a few areas where attention will target the most. These include areas such as:
- Painting or wallpapering
YOUR DESIGN, YOUR RULES
One of the best things about flipping a home is the fact that there are no rules to how the finished product must look! It is yours, and yours to change however you see fit. It just goes to show that even if you can’t find your dream house on the market, you can find it with a little hard work and determination.