Saving money on a home is always something people are interested in. When you can get something with plenty of potential it can be a good idea to buy it and then do the work yourself. Before you jump right in though you do need to really think about investing in a home that has to be repaired.
On TV they can make it seem really easy to fix just about anything but that isn’t always the case. It can end up being more difficult and time consuming than you imagined. It can also end up costing more for supplies than you had budgeted for. Do you have the right skills to complete the repairs needed on your home? If you can do just about all of it on your own then that is a good sign.
The other issue is do you have the time to complete the work? If finding enough free time for yourself is already hard then how do you plan on doing it? What is the time frame that you can expect the work to be done in? For example if you take two weeks off work would you be able to get the home how you want it before you move in? If not are you fine with living there and trying to do the repairs at the same time?
While you will save money on a home that needs repairs, you do have to consider what the overall cost is going to work out to be. Crunching numbers is vital to your decision making process. If the overall cost will be more than what you could be a home ready to go and without the need of repairs is then why should you get one that needs work?
If you are barely going to be able to afford the mortgage cost then you won’t have any funds available to buy items to repair it. This can leave you very disappointed with your home and stressed out. On the other hand it can be a great experience to get to take something that was in such poor shape and see it develop into something amazing.
Finding out what the home will need and the cost of it is important. Don’t assume that the work is affordable because you could be in for a huge shock later on. You also want to buy quality supplies so the work you do will look professional. You also want to do it right the first time so it doesn’t have to be redone.
Completing that work with your own hands will give you a sense of pride in your home. A good inspection will also help you to determine if something is really a good buy for you or not. There is a huge different between something that is structurally sound and can be fixed up and something that isn’t.
Know what your goals are with a home and what the limitations are so you can decide on your own. If the basement is usable but not finished then that is a project that can be worked on a bit at a time. Yet if you have leaking pipes and a roof that is about to cave in then there are serious issues that would have to be fixed before you can move in.
Sometimes people will buy a fixer upper because they feel they can’t afford anything else. They really want their own home and that is the way they can do so right away. Before you walk into such a situation make sure you take a logical view of it instead of one that is just emotional.
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