The house-buying game is one that doesn’t resemble Monopoly. You don’t dash about trying to pick up as many properties as you can, but you do choose the best house you can get for the best price in the area you like. Sometimes this means buying a home that needs a little fixing up and a lot of love to make it beautiful.
Being interested in a house that’s falling apart means having the interest in seeing a project through from start to finish. The dream house you’ve always imagined just may need some primping before it becomes obvious that it’s the dream house is all. Here are some things to consider before you go ahead and sign the dotted line:
- Time. The time that a renovation takes is huge. A big chunk of your time will be devoted to things you may have no knowledge about, such as the need for roofing felt and where the stud walls go. You’ll be busy for a while, so be sure!
- Issues. Before you start, know what actually is wrong with the house. Make a list of the upgrades that need doing and the fixes you have to get on with before you start. The cosmetic fixes are easier than the actual house structure.
- Bones. The bare bones of the structure, roof, foundations and walls are going to be harder to fix and will cost a lot of money. Be prepared for unexpected costs but if the house itself most likely to need levelling and starting again, rethink buying your fixer-upper.
- Rent. One consideration people forget about, is that you have to have somewhere to live before your house is ready. If you are buying a house to move straight into, buying one you need to build won’t work for you. Either set up a temporary rental, or move in with family while you make repairs and rebuild.
- Contractors. Hiring a contractor will take some heavy research. Ask for references, interview more than one company and always get estimates in writing. Everything should be planned properly so you can budget according to what you’ve planned.
- Budget. Sometimes the idea and dream is better than the reality. Ask yourself whether this project is affordable for you. You’ll not just need to think of every planned penny, but for the outside costs that creep in. It happens every time and you should be ready for that.
- Realism. Having realistic expectations of the end result is key. Of course, you want the dream home you’ve imagined but you need to have the dream home that matches your budget rather than just your ideals.
- Inspection. Make contact with surveyors to come and inspect the house before and after completion. They’ll be able to tell you what needs doing as well as whether the renovations have been done to a good enough standard and is fit for living in.
It may be a fun experience, building a home from the ground up or renovating a crumbling ruin into something spectacular, but realistic expectations are required. Be vigilant, be solvent and be excited!
XOXO
Debbie
