Alt: An unfinished wall in a house that needs renovation.

So, you’re thinking of purchasing a fixer-upper? While there is a lot of satisfaction to gain after seeing an entirely transformed home, it’s also so much more challenging than people realize. It’s not only money that goes into the house; it’s hours and hours of sweat and stress. However, in the end, it might be all worth it when you see the result. If you’re still on the fence about it, you might need to look at all involved determinants. To help you with that, in this article, we compiled a list of all the factors you need to consider when buying a fixer-upper.

Examine Your Budget

The first factor you need to consider when buying a fixer-upper is your budget. Do you have enough money to buy a house and completely renovate it? And is that a better, cheaper option than buying a place that doesn’t need renovation? These are all things you need to consider. To do so, you will need to do a little bit of research and a lot of math.

First, tally up the price of renovating the property based on a comprehensive inspection of its condition. Be as accurate as possible with this estimate, which should include the cost of labor. Subtract that number from the home’s expected market worth following remodeling, as determined by nearby, comparable real estate prices. Then subtract at least another 5% to 10% for optional extras, unanticipated difficulties and disasters that must be addressed, and inflation. What’s left of the money can be your offer.

Caption: Carefully examine your budget before buying a fixer-upper to make sure you can afford it.

Alt: Person counting cash.

Think of Your Plans for The House

Another critical factor when it comes to financial aspects of this is to decide what you’re going to do with a house. If you’re renovating it for yourself, you won’t have to worry as much about the ROI of potential remodels. On the other hand, if you’re planning to flip the house after you renovate it, you will constantly need to be making sure you’re on track with the budget so you don’t end up losing money on the sale.

Figure Out How Much Time You Can Spend on This Project

Being able to afford to buy and renovate a fixer-upper does not mean you should do it. Anyone who has ever attempted a remodeling job knows that it always takes longer than expected. Because renovating a fixer-upper is on the more complex end of the scale, you need to determine if you have the time to complete the project. Don’t underestimate how big a part of your life this house will become, how much time it will take up. If you decide to buy a fixer-upper, say goodbye to sleeping in late on Saturdays and say hello to sanding and painting.

Figure Out What You Can DIY

When it comes to renovations, it’s typically more cost-effective if you, as the homeowner, participate. That’s why a fixer-upper is a great project for you if you’re ready to do some repairs and renovations yourself. That way, you will spend a significant amount of money that you would otherwise need to pay contractors for their labor. If you’re ready for that kind of challenge – that’s great! If you’re not, you might be able to hire contractors, but you will need to be very hands-on and check on them frequently to avoid any mistakes.

Caption: Planning the renovations will take up a lot of your time.

Alt: Color books for house renovations.

Where Will You Live While You Renovate

Where you and your family will reside throughout the remodeling is a factor most people forget to consider when buying a fixer-upper. If this is your first time buying a house or you’ve sold your last home, you’ll have to choose between renting and moving in with relatives. Both of these provide their own set of challenges. You will also be spending a lot of time at the new house, so it would be great if you could have the chance to also crash there if your home projects take longer than expected.

What Will You Do With Your Belongings While Renovating Your New Home

As we have mentioned previously, you might not be able to live your comfortable everyday life after buying a fixer-upper. Most of your time will be spent in the new house, and you will be sleeping at your temporary residence. Unless you have a massive budget, you probably won’t be able to afford a temporary place that fits all your belongings. In that case, you might want to rent a storage unit to store all your excess stuff. However, once the renovations are complete, you may need a lasting solution, in which case you can rent long-term storage.

The Most Important Consideration: Emotional Costs

When you’re buying a house and renovating it, there’s bound to be a lot of stress. There will be some delays, jobs that weren’t done well and need redoing, unforeseen weather, and other similar problems you will have to handle. Even when you’re not physically working, you’ll spend every moment thinking about renovations. You’ll spend every free moment picking out tiles or rethinking the furniture you picked out for your living room. It will be a lot, and you will probably want a break from it all from time to time. Only after you finish the whole project will you finally be able to truly relax and take your mind off things.

Moving Into Your New Home

While most of the work will be over after the renovations are finished, you shouldn’t forget how important adequately moving your furniture in can be. For example, if you don’t prepare everything properly and carefully disassemble your furniture, you might damage the door frames of your floors while moving in your furniture. Since you have just spent the last few months taking care of every detail, you probably don’t want to chip the paint before you even fully move in. Disassembling furniture might seem like a tedious task that takes up time, but it can save you that time you would otherwise spend fixing the chipped paint and the scratched floors.

Caption: When moving in after renovation, you will need to be extra careful and possibly even disassemble your furniture.

Alt: People carrying a couch into a new home.

In Conclusion

The list of all the factors you need to consider before buying a fixer-upper is not small. If, after reading some of these things, you are still unsure if the fixer-upper is the right choice for you – sleep on it. You probably don’t have to make a choice right away. Think about it long and hard and write a for and against list if needed. Also, don’t forget to consult with your family because purchasing a fixer-upper will turn all of your lives upside down.

 

Meta: Are you thinking of purchasing a house that needs a lot of renovations? Here are all the critical factors to consider when buying a fixer-upper!

Photos Used: https://www.pexels.com/photo/unfinished-wall-804392/

https://www.pexels.com/photo/person-counting-cash-money-4475523/

https://www.pexels.com/photo/gray-standard-color-book-near-green-eraser-159045/

https://www.pexels.com/photo/man-in-carrying-a-green-sofa-7464681/