Terri Ramsey Beavers Buying a “fixer-upper” can be a clever way to create the house of your dreams for a very small price tag attached. However, renovating an old and potentially neglected property comes with a considerable amount of challenges. You’ll need to know the right tips and steps to ensure you avoid potential catastrophes. From your budget to the actual execution, here are some of the best tips to help you navigate buying a fixer-upper.
Know What You’re Dealing With
The first step is knowing the entire scope of exactly what you’re dealing with. Just how much work is expected of you, and what can you anticipate? Before you dive in, you want to make sure that you have a thorough list of exactly what the condition of the property is, and how you plan on attacking each task. Your list should include everything from structural and mechanical repairs to cutting back trees.
You need to prioritize the repairs that are most essential. Think of things like plumbing, and electrical repairs. Before you tackle these, make sure that you rely on a professional to handle the most pressing and potentially dangerous repairs. For example, trying to repair a roof on your own with little to no experience is practically begging for disaster.
Create a Budget
When it comes to a renovation everything starts to add up very quickly, so it’s important that you carefully budget accordingly. You want to create a realistic budget for yourself, and try to stick to it as much as possible. Even though straying from your budget may seem innocent, a few “exceptions” can add up to serious amounts.
Factor in everything from material cost to permits, to leaving a little room for unexpected expenses. Be honest with yourself about what you can do yourself, and what is better left to the experts. Make sure that you shop around for the best possible deals before settling on one price, and consider buying used items or repurposed items whenever possible.
Take it Day By Day
Remember, taking on a fixer-upper can feel totally overwhelming very quickly. That’s why, you need to take it step by step, day by day. If you allow yourself to take it all on all at once, then you’ll quickly start to feel overwhelmed and stressed out.
Instead, make short lists, and check them off as you go. Celebrate each milestone, and don’t forget to breathe! Taking a systematic approach is the best way to break down each task into manageable groups, and track your progress. Remember, slow and steady wins the race, particularly when it comes to a renovation. Trying to rush your way through could lead to poor quality and execution.