Don't Let Your Fixer-Upper Get You Down!

Tuesday, April 03, 2018

There are a lot of great reasons to buy yourself a fixer-upper when looking for your first home instead of going for something brand spanking new. Of course, the most obvious draw is the price. If a home needs a lot of work doing to it, then you're going to end up paying a fair amount less for it than if you bought something that was ready for you to live in right away. The other great things about buying a home that you need to work on are that it allows you to turn it into something personal and specific for you and your family rather than moving into somewhere that already has a strong sense of its own identity. Of course, not everything about buying a home like this is positive, and a lot of people end up finding that they have bitten off more than they can chew. To prevent that from happening to you, here are some ways to stop your fixer-upper from getting you down!

Plan for later costs

Sure, the fact that a fixer-upper is going to probably cost a lot less than other properties is going to be seriously tempting but don't let that distract you from the fact that a lot of those kinds of properties are going to involve some potentially major costs further down the line. After all, from simple redecorating to mold removal to serious renovations, everything you do to your new home is going to cost money, and if you're not prepared for that with a realistic budget, you're going to end up getting yourself into some pretty serious financial trouble.

Find somewhere to live

If your fixer-upper is going to be a serious project, then you may end up being unable to live in it during the early days. This is especially true if you're missing things like plaster on the walls or plumbing in the bathroom. Of course, even if you have the essentials, living in a property that's being torn apart can be incredibly stressful, and it's a good idea to have somewhere else to stay for a whole so that you and your family can at least live in comfort while the heavy-duty work is going on.

Be realistic

The idea of taking a complete shell of a property and turning it into your dream home might be wonderful, but you need to be totally honest about what you're really capable of. After all, from your budget to your time frame to your actual abilities, there are a lot of obstacles between a properties current state and your perfect home. The last thing you want is to end up in a position where you have just to give up and end having to admit that the entire endeavour was little more than a waste of both time and money.

Of course, this isn't meant to discourage anyone from buying a property that needs a lot of work. No matter how tough it is, there are few things more satisfying than making a home totally your own. But if you're not prepared for the challenges involved, then you're going to find yourself getting a pretty nasty shock.

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