Disclaimer: Binge-watching countless hours of HGTV does not qualify you to flip a house.
However, if you’re still set on embracing your inner Chip and Joanna, here are a few things to keep in mind when buying a fixer-upper.
Do it yourself or do it with help?
With all of the online resources nowadays, it can be tempting to take on one too many DIY projects. While there’s nothing wrong with getting the job done yourself, it’s important to know when to call in the experts. It’s one thing to strip wallpaper or paint, but other tasks like electrical work can be dangerous if you don’t have the skillset. Be honest with yourself about how much time you want to spend getting up to speed and completing renovation projects. Sometimes, spending a little extra on outside help can be worth avoiding the aggravation of living in a work zone for months.
Create a budget
With money in mind, a major first step in the home renovation process is creating a reasonable budget. Get your contractor to do a walk-through of the house for a written cost-estimate and, if your home requires major structural work, hire a structural engineer to do an inspection so you can be fully confident that you’ve properly budgeted. When creating a comprehensive budget, you will also want to consider permit costs, financing costs, and the after renovation market value of the property. Your real estate agent is a great resource to use in the budgeting and research process.
Do your research
Resist the temptation to jump right into a remodeling and take the time to do your research. No, re-watching last season of Fixer Upper doesn’t count. In order to fully prepare for what’s to come, you will want to vet your contractor and speak to professionals to get advice on which materials to use. It is much easier to over-plan than to get halfway through a project only to realize that you incorrectly installed something.
Always measure twice
Avoid eye-balling at all costs. While it’s a good skill to have, it’s better to be safe than sorry when it comes to making measurements. Especially when you are working with minimal space, it’s important to double check when measuring to make sure that everything will fit. You will save yourself time, money, and frustration by taking just a few seconds to double, or even triple check your measurements. You can thank us later.