Should You Buy a Fixer Upper?

Deep down we all want to be Chip & Joanna Gaines! How come fixer uppers on TV shows always look so easy and turn out so good?! TV shows tend to make everything look easy, especially home flipping or updating. So how do you decide if a fixer upper is worth your time? Here are a few scenarios where putting on your tool belt can be worth it!

1. Simple Upgrades

Your first step is identifying what type of updates are needed. If you find out the home has foundation, electrical, plumbing issues or cosmetic issues - these all require a different level of skill to fix. It’s important to assess and find an expert when your skill set doesn’t match what repairs are needed. There is usually less of safety risk when it comes to cosmetic repairs, so you may be able to do those yourself!

2. The Numbers Are In The Green

Before you start tearing down walls, it’s important to figure out if the updates you’re planning to make will increase the value of your home at least the amount of their costs. You’ll need to sit down and figure out your budget, then try your best to stick to it! If you’re handy and willing to put in the hours, you could build up the sweat equity in your home and end up ahead compared to buying a move-in ready home.

3. Time + Resources

It’s great to go in to your renovations with a plan, but it’s VERY hard to stick to it. There may be work required that prohibits you from being in your home. It’s important to have a back up plan to stay at a friend’s house, or build a potential hotel stay in to your budget! Before purchasing a fixer upper, reflect on if you are mentally, physically, and fiscally able to invest in a fixer-upper.

Buying a fixer upper can be incredibly rewarding and allow you to create the home of your dreams (potentially for cheaper) but you should know what you’re getting into before hand. Never hesitate to call a contractor - and get in touch with us if you need a great referral!