Tuesday, February 05 2019
The hunt for your first-time home can be an overwhelming process. As you begin this journey, you should seek guidance from your family, friends, and professionals to learn more about the process and responsibilities of homebuying and homeowning. You may already have a picture in your head of your dream home, but you should consider investing in a fixer upper for your first home! There are many benefits to purchasing a fixer upper, and it may be a more affordable way to get exactly want you want.
Look for a fixer upper in your desired location—sometimes finding the type of home you want in the area you wish to live can be difficult. If you can find a home that needs a little work, but is located in your favorite neighborhood, don’t hesitate to request a showing. Location really is half the battle.
Finding a home with everything on your wish list is unlikely but investing in a fixer upper as your starter home means you can turn the space into whatever you want it to be. Fixer uppers are generally cheaper, which means you’ll have room in the budget for renovations—like updating the kitchen and flooring or creating an indoor-outdoor living space with folding patio doors!
When touring less than move-in ready homes it is important to keep an open mind and visualize what the space could be after you remodel. Keep in mind that larger projects like changing the layout, knocking down walls, and moving plumbing are more expensive, so finding a fixer upper with a functional layout will save you time and money. Always consult a professional to do an inspection of the home and provide project estimates—you’ll want to know what you’re getting yourself into. Some home inspections you may want to consider prior to making an offer are: roof inspections, pest inspections, sewer line inspections and engineering reports.
One of the best things about buying a fixer upper is the equity you will have in the home as soon as the renovation is complete. Upgrading the home will add value, and should you outgrow the space later in life, you can sell the property and get back more money than you put into it. If you don’t think this will be your forever home, remember to stick to timeless designs that will sustain a high resale value!
Remember, fixer uppers are a lot of work, so you should be prepared to get your hands dirty. Doing what you can yourself, like painting walls and laying flooring is a great way to save money on labor. If you’re not ready to take on such a project, a fixer upper may not be the right choice for you. And don’t forget, once the remodel is complete, the projects don’t stop there—owning and maintaining a home is a lot of work so it is important to stay positive when it seems like everything is going wrong.
Make sure you evaluate your finances so you know how much home you can afford and what your reno budget will be. Always get advice from others and never make a rash decision. Really educate yourself on how much time and money a project will require so you can be sure you have the resources to complete it! Good luck and happy house hunting!
To learn more about expanding your living space with folding patio doors, click here.