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With the state of the housing market, you may be struggling to find the perfect home. An old house that is a little worse for wear can offer an ideal blank canvas to put your stamp on. While taking on a fixer-upper is no small task, breathing new life into a rundown residence can be a rewarding experience. You may even uncover hidden gems like period architecture or other original features. Older properties also come with more petite price tags, and if you are not afraid of a bit of elbow grease, you could bag yourself a bargain.
When buying a house, location is vital. Suppose you buy a home in an undesirable spot, such as near an entrance to a landfill. Unpleasant areas sink even tip-top houses. Seek out fixers in appealing and up-and-coming neighborhoods. Examine the surrounding homes and how they are maintained.
A fixer-upper needs work and will have some issues. In contrast, some things are an easy fix, such as patching walls, painting, stripping wallpaper, adding a deck, and calling in a damp repair specialist. Unfortunately, some issues are worse and more expensive than others, so separating more cosmetic problems from more fundamental ones is essential, such as reroofing, building additions and expansions, and pouring concrete.
Estimate Your Costs
In addition to making any repairs discovered through the inspection process, be sure to factor in the cost of cosmetic updates, labor, materials, and supplies. Again, you’ll get a more accurate estimate by shopping around and getting quotes from contractors in the neighborhood.
Inspections and Surveys
In any real estate transaction, always get a home inspection by a credentialed home inspector before committing to complete the sale. In addition, there are some specific surveys you should consider, such as roof certifications, home warranty, pests, sewer lines, and engineering reports.
How to Restore Period Features
It’s essential to be aware of the distinction between renovation and restoration. A home renovation doesn’t have to involve restoration work – the act of returning period features to their original condition – but the two processes often go hand in hand. Historic features speak to a property’s past. Unless they’re in an unrescuable state, restoring them and integrating them into your new home is usually the most respectful course of action. It also becomes a great selling point and can add plenty of personality into a room.
Investing in fixer-upper homes can be extremely rewarding when it goes according to plan. You will have secured property at a low price and customized it to your taste. This is an affordable way for a homebuyer to buy more houses for their money and make them their own. In an investor’s case, fixer-upper homes are great for making a profit. However, there’s always some risk involved. Careful research and due diligence are required to help hedge against any threat. Not all fixer-uppers need the same amount of rehab; it’s all subjective. It depends on you and what you want. Before buying, consider your remodeling expertise, (have you any experience in interior design?) finances, and how much you want or need to renovate a home to make it habitable.