Have you dreamed of finding a home with lots of charm in need of TLC? Before that dream becomes a nightmare, we’re sharing what to know about a fixer upper to help potential buyers make a more informed decision.
Research, research, research.
When it comes to what to know about a fixer upper, research is one of the biggest keys to setting yourself up for success. This applies to researching contractors, researching possible DIY projects and researching potential permits, for instance.
The more you know ahead of time, the better prepared you will be later.
Hire a professional when needed.
Knowing your own limitations is a good place to start. In general, unless you are a licensed electrician or plumber, those are good examples of licensed and insured professionals you should hire to ensure the job is done correctly from the beginning.
Communicate your vision clearly.
Be ready to clearly communicate exactly what you want done. Whether it is the exact placement of a light fixture or a place on the wall in need of a specific repair, it’s a good idea to give verbal and written instructions.
Establish a budget—and be ready to compromise.
Make a list of every project you plan on completing when it comes to your fixer upper. Then price out the cost of materials, labor, applying for permits and other known factors. Typically, adding in a 10 to 20 percent buffer could help with unexpected costs that could quickly send you over budget.
Another thing to consider is compromise. Decide what your must-haves are versus the items you’d be willing to concede on.
Expect delays.
It should come as no surprise that delays are to be expected. Whether there is a holdup due to supplies and materials, weather or permitting, be prepared to go past your desired timeline.
Talk to your lender about fixer-upper loan options.
Did you know some lenders may offer loan options specifically designed for homes in need of repairs or renovations? Be sure to talk to your lender about what options are available, including possible loans from Fannie Mae or the Federal Housing Administration.
Summary
Now that we’ve shared the basics of what to know about a fixer upper, it’s time to start your search for the right one. Start your search in East Alabama by connecting with Ryan Roberts now. To learn more about local real estate trends and life in our area, keep reading our blogs.
