So you bought a fixer-upper. Now what? A fixer-upper is a big undertaking, but one that many homeowners are interested to try. The recent spike in popular home renovation shows has made fixing up homes seem easy and fun. While a fixer-upper can offer a decent return on investment, it’s not always as easy as the home renovation shows make it seem. So, what do you do when you purchase a fixer-upper that needs more repairs than you thought? Where do you start, and if there really is more work than you have the time or investment for, can you get out from under that fixer-upper? Let’s take a look:
First Things First: Get In There
After buying a fixer-upper, the first thing to do is to get in there and see what’s going on. While your home inspector can point out visible damages and necessary repairs before you make the sale, they can’t actually open up any suspicious patches or look further into bowing ceilings and floors. Now that you own the fixer-upper, you’ll want to dig into problematic spots in the home to make sure all floor joists are stable, your water and electric are properly connected, and there are no major structural issues.
Talk to A Contractor
Once you’ve had a chance to get in your new fixer upper and look around, you’ll want to talk to a contractor. If your initial look into the home revealed any major issues, a contractor can help offer estimates and get you started down the right track to renovation. Make sure you thoroughly vet your contractors before you pick one to work with throughout the project. You’ll want to look at their past work, talk to a few of their references, and read any reviews you can find online before signing up with them for your big project.
Even if you plan on doing the majority of the fixing-up yourself, it’s still a good idea to talk to a contractor in the event of a major renovation. Complex systems like electrical, plumbing, heating and cooling, and the foundation and structural support of your home require a trained, professional eye and an experienced hand. If you spot any potential issues with those key systems, you’ll definitely need to call a contractor.
Can You Renovate?
Once you’ve assessed all of the fixing up that needs to be done, you’ll have a good idea of your ability to renovate. It’s okay to admit that the fixer-upper you’ve purchased is more work than you’d planned on, and if you don’t have the time or money to invest in a huge renovation, that’s okay. If you’re still planning on tackling your fixer-upper, here are two ways most homeowners choose to take on a large renovation:
Renovate All at Once
If you can afford it, and if you have a place to live, like another home or apartment, it might be easiest to get your fixer-upper fixed up all at once. When you’re not living in the home, you and your contractors can work on all parts of the property at once, speeding up the renovation process. It’s important to note that while this method will get your fixer-upper into prime condition in the least amount of time possible, you’ll have to pay more up front and in a shorter period of time to get it done.
Renovate Slowly, Room by Room
If you plan on living in your fixer-upper while you renovate, it will make the most sense to renovate as you go. It’s never fun to live inside a construction zone, but it is a good way to save money while working on your fixer-upper. You might choose to tackle the kitchen or bedroom first, and then move along room by room until the entire house is finished. This will take longer but might allow you to spread out the cost of renovation over time.
What If I Can’t Afford To Fix Up My Fixer Upper?
Fixer uppers are often more complex than they seem when you’re considering buying. Opening up the house could reveal outdated electrical wiring, structural support that isn’t up to code, and even an expensive cracked foundation. If you can’t afford to fix up your fixer-upper, that’s okay. You still have plenty of options, and there are people who can help you take the home off of your hands.
If you can’t afford to fix up your fixer-upper, you might consider selling as-is. The sooner you sell, the easier it will be to recoup the money you spent on the home. Oftentimes, investors who renovate old and distressed homes have the capital on hand to fix up even the most complicated fixer-uppers and will be willing to work with you to take the project off of your hands.
It’s good to know that even in the case of the worst fixer-upper, you still have options. Whether you’re just not sure you can support all of the work the home needs, or you’ve run into unforeseen circumstances that prevent you from repairing the house, Renewed Homes can help. It’s our job to fix up fixer-uppers, and we have quite a lot of experience doing it. We can help you get out from under all of those repairs quickly. Let us know how we can help you. Contact us online, or give us a call at 269-362-0931 today.