Uncategorized

We Love Major Fixer-Uppers

 
 
Why do we love fixer-uppers? The fun in seeing a house go from trashed to polished is a fun process for us. We love to find someone as passionate about renovations as us and work with that homeowner every step of the way. There are some things to consider, though before buying a fixer-upper. 
 

Find a Contractor

First, you’re probably want to find a contractor before you buy your house. We saw this house with the buyer and their realtor very early on. It’s important for the contractors to not only know what they’re dealing with but be willing to undertake this project with you. They can also make sure they are staffed and ready for this timeline based on what work that’s needed. You can lock in a contractor before you buy and feel rest assured you won’t be spending time with an un-liveable house while trying to find the right team. 

Get an Inspection

Before finalizing the purchase of your new home, it’s vital to get a professional inspection. When you’re in the market for a fixer-upper, you are going to want the bones of the house to be good, or it will all be for not. Put the inspection in your contract as a condition that must be settled before you close. This can also be your chance to get out while you can if it turns out the physical condition of the home is not stable enough for your renovations. 

Estimate Resale Value

Before finalizing the purchase of your new home, it’s vital to get a professional inspection. When you’re in the market for a fixer-upper, you are going to want the bones of the house to be good, or it will all be for not. Put the inspection in your contract as a condition that must be settled before you close. This can also be your chance to get out while you can if it turns out the physical condition of the home is not stable enough for your renovations. 

Set a Budget (& Probably Spend More)

When you’re looking for a house, you know what you qualify for, you have a down payment, and it’s probably a good idea to have a little extra for any surprises or to have wiggle room in your price. This is even MORE true for buying a fixer-upper. The risk of something going wrong, or expenses being higher than you planned for is incredibly high for a situation where you are buying a junker and fixing it up to live in or sell. The very last thing you want to have happen is to buy a house, start gutting it, come into an issue, and have no money left to fix it. You may likely end up spending a lot more money than your initial budget, so plan for it!

Focus on the Basics

Like the home in our video above, this homeowner needed to get the heat and water back up immediately. Making sure the utility systems are in working order should be the absolute first thing on your list before renovations. Heat, water, any leaks or moisture build-up, and any signs of mold should be cleaned up ASAP. This gives you a nice jumping-off point when you have no more big issues to fix before you can get to the fun stuff. 

Set a Timeline

Work with your contractor to build out a detailed timeline of renovations. Bathrooms and kitchens are going to be a lengthy process and are crucial to making your new home a liveable place. We will walk through this process with you every step of the way, but let’s get it in writing first and follow steps that we all can agree will make the most sense. 

Plan & Re-Plan Before Demo

Measure twice and cut once, they say. Make sure before you tear down any walls or doors, or anything that you can’t undo, is exactly what you want. You may have found a cute bedroom or kitchen inspiration on Pinterest, but it’s important to make sure what you want is even possible, and also that you aren’t tearing something down that is going to make your area less functional. Plan, plan, and plan some more. Making 3D mock-ups and renderings can help you imagine yourself in the new space, and maybe help you solidify or change your mind before any demo happens. 

Shows on HGTV may make fixing up a dingy house look easy, but it’s far from it. It’s important to know what you’re getting in to before starting the process. Treasured Spaces is a great resource for you on this journey, and we would love to help you go from wanting to buy a fixer-upper, to living in your dream home. Give us a call at 612.324.0175 and let’s get started.

 

(612) 221-0965