On paper, the home has everything you’ve been looking for: the right number of bedrooms and bathrooms, decent square footage and lot size. The neighborhood is charming and the location is perfect. There’s just one problem…the home appears to be trapped in the 50’s. Linoleum flooring, peeling wallpaper, pink tile bathrooms and shag carpeting abound. Do you walk away or do you roll up your sleeves and dig in with a vision of what could eventually be your dream house.
Fixer-upper homes can be a fantastic purchase, if you’re willing to put in some work. Many of the issues with fixer homes can be taken care of with a little time and money. Carpets, flooring and fixtures can be replaced. Wallpaper can be removed and painted over. Kitchens and bathrooms can be remodeled. If you’re not daunted by these undertakings, what was once outdated can become charming.
I recently bought a fixer-upper, so I speak from experience. If you’ve decided to take the plunge and purchase a fixer property, I have a few suggestions, which will help you make the best of your future property changes.
Don’t remodel the home immediately–live in it for a few months first
Barring any major issues like a roof replacement or foundation repair, most issues with a fixer home are cosmetic. By living in the home for a few months before starting your remodel, there are two advantages. First, it allows you time to gather the necessary permits for any work you may undertake. Second, it allows you to see which areas of the home need the most work, and also which features of the home you really want to change. This leads me to my next suggestion…
Create a “wish list” of everything you would like to potentially do to the home
Put this wish list somewhere that is highly visible within the home, and leave some space to add things. When I moved into my fixer home in Palo Alto, this was useful. I found that the list grew substantially over the first few weeks, and then started to shrink as I lived in the home. What was left on this list were the changes I really wanted.
Do your homework with your contractors
There are a lot of contractors out there. Some are good, and lots are bad. By spending some time in the home before remodeling, you have time to interview several contractors and decide whom you would like to work with. Seek out a resource, like a friend who has recently remodeled their home or your local realtor for a list of recommendations regarding contractors. Remember, your contractor may be the difference between a quick, beautiful remodel or a long, drawn out remodel with several repair jobs and arguments.
Buying a fixer-upper can be a great opportunity to get into the real estate market and build a little sweat equity. If you’re interested in buying a fixer-upper I’d love to talk to you about the advantages and help you find the right house for you.
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