By now we've all seen the incredible home makeover transformations highlighted on tv shows like 'Dream Home Makeover' and 'Fixer Upper' with Chip and Joanna Gaines. The incredible before-and-after imagery in every episode is always spectacular, and often times it leaves many home owners with the desire to want to tackle their own home remodeling project.
But despite these and other television shows making the renovation process look both easy and fun, it’s important to remember that most major home renovation projects come with any number of pitfalls. So before you take the fixer upper plunge so-to-speak, here are just a few things you'll want to consider.
Home Repair Skills
With any project, you will save an immense amount of money if you do it yourself. However, your skill set level needs to match the needs of the home. For example, does it need a little paint, maybe a little more attention to updating the bathroom? Or are more serious skills in need such as fixing the crack in the foundation, electrical problems, or plumbing? Therefore, before purchasing a fixer upper you need to consider the exact issues the home will require you fixing. If you decide you can either fix it yourself or hire someone to do it, then also ask yourself if you have the patience to see this project until the end. As with any project, there will be unexpected surprises and delays that are likely to occur. For example, you could tear down a wall and discover mold or remove the carpet and discover a crack in the foundation. These are real possibilities and will add both cost and time to your home repair project.
A common misconception is how cheap a fixer upper will be! However, this may not be the case depending on what you will need to fix. After you have determined what projects you are willing and able to fix yourself and what ones you will need to outsource, it’s time to create your budget. Definitely allocate a few hundred dollars for a home inspection. This will provide you with a professional inspection for your electrical systems, plumbing and major structures. The professional may catch something that you overlooked and can save you from buying a money pit. Once the professional inspection has been completed now it’s time to create your list. Decide what tasks you can complete yourself and what are going to need to be outsourced. You will need to send out bids to contractors to obtain your quotes. Also, you may need to purchase a permit to renovate your home. Lastly, add room in your budget for unexpected surprises.
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This is a serious question you should ask yourself after the skills and budget checklists have been completed. Are you willing to live in the house and do minor repairs along the way? Would it bother you if it took you two or three times as long to renovate? Do you have little ones or maybe OCD tendencies that would be problematic for you to live in a construction zone? What about the time it takes to actually do the repairs? Would this be a labor of love or a source of never-ending stress. Take a realistic look at your personality and decide, is patience really your virtue?
If after you have read the inspection report, assessed the house with all the repairs needed, determined, and allocated funds for your budget and feel good about it, then we wish you much success. We hope this article has helped you to go in with eyes wide open to all the common problems associated with buying at fixer upper. We want you to be informed and make an educated decision. After all, this could be the best or worst investment you ever made.
Jacksonville Fixer Upper Homes Related Content
Whether you're an investor, entry-level home buyer, or someone who just loves to tackle big projects, the Jacksonville area is loaded with unique fixer upper opportunities at varying price points. Read more about Jacksonville area fixer upper homes or get your home or investment property search started below.
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