Have you been looking at properties for as long as you can remember? Is there always something missing or have you simply not got enough money to afford the home of your dreams? If you’ve been searching without success, have you ever thought about taking on a project? There may be work involved, but this could be an option if you’re finding that suitable properties are out of your financial league. Here are some handy hacks to help you decide if a fixer-upper is the right choice for you.
Working out what you can afford
If you’re looking at new homes, it’s much easier to set a budget and ascertain whether properties you like are viable or not. With a project, it’s not as simple as paying the purchase price and moving in. You have to consider the fee you pay to buy the property, but also the cost of any work you have to do to make it habitable and turn it into a home you love. If you are seriously considering buying a fixer-upper, consider each option on an individual basis. You’ll need to add the offer price to the cost of renovation and design work to work out whether it is affordable or not. To do this, it’s a good idea to get in touch with local building firms and architects and get some quotes for any properties you’re considering as contenders. Think about every aspect of the project from hiring a demolition company to clear the site and getting roofers in to choosing a new kitchen and landscaping the garden. Bear in mind that most projects run over budget, so it’s always good to have contingency funds available.
Preparing for what’s ahead
If you buy a pristine new house, you get the keys, you move in, and you can start looking forward to life in your new home. With a home that needs TLC, the process may be much more drawn-out, and you may have to wait to enjoy that first night in your new home. Consider if you’re ready to tackle the process and you’re prepared for the highs and lows coming your way. If you’re happy to get your hands dirty, but you don’t want to wait months or years, it may be best to look for a home that needs cosmetic work, rather than any major structural repairs or changes. It’s worth having a look at what other people have done and looking at pictures and reading stories in interior magazines to see what’s involved and get an insight into what undertaking a fixer-upper involves.
When you’re making plans, it’s always beneficial to look for ways to add value. Investing in bricks and mortar is a fantastic way to make money, and if you can ensure that your asset appreciates with time, you’ll reap the rewards when it comes to selling the property.
Have you struggled to find a dream home within budget? If so, it may be worth taking on a project. If you find the right property, this option could enable you to create a unique home for less.