Questions and Facts to Consider Before Buying a Fixer Upper
Post contributed by Megan Cooper of reallifehome.net.
As a handyman in California, Cool Handy Luke has seen his fair share of fixer-uppers. Most owners turn to a handyman service to help out with needed repair and remodeling projects, and this is helpful to keep in mind if you’re interested in buying a fixer-upper. However, there are also a few additional questions and details to consider, including the ones below.
Cosmetic Fixes v. Major Repairs?
If you’re still deciding whether to buy a fixer-upper, take some time to reflect on what needs fixing in a potential property. Simple or cosmetic fixes, like repainting a room, replacing dated carpet, and swapping out old appliances will be a lot less stressful for you to complete.
On the other hand, major projects like rewiring the entire home, upgrading an HVAC system, addressing foundation issues, or removing mold/asbestos will be more of a headache than the actual home is worth. You could end up with tens of thousands or more in repair costs.
In fact, many of these issues can also be extremely hazardous to your health, including the presence of mold. Just something to keep in mind if you plan on living in your fixer-upper.
DIY, Handyman, or Contractor?
When it comes to fixer-uppers, this is another question to carefully consider. Too many times, homebuyers get inspired by DIY and makeover shows, and think that they can take on a fixer-upper all on their own. Unfortunately, this isn’t always the safest or most economical route.
Yes, there are fixes and updates just about any homeowner with a basic set of tools and a willingness to learn can handle. If done properly, DIY projects can indeed save you money. However, there are certain repairs and projects you should never attempt to do yourself
If you still want to cut costs, you can look into hiring a handyman service. In the Lake Forest, CA area, Cool Handy Luke can help out with anything from refinishing a fireplace to repairing doors to tackling minor plumbing issues. Do keep in mind that in many states, including California, there may be legal limits on what sort of repairs and improvements a handyman service can take on. California, for example, prohibits handymen from taking on projects over $500.
A handyman service may be less expensive for fixer-upper buyers, but state limits aside there are also several projects that require the help of a specialty contractor. These major projects typically involve the structure and bones of a home, like the foundation and plumbing.
Home Sweet Home or Flip?
Regardless of what you plan on doing with your new fixer-upper, understanding the scope of needed work and the sort of pros you need for these projects is essential. Still, you may be wondering whether you should make your fixer-upper your home or flip it for a profit?
Buying a fixer-upper to turn into your own dream home can be a wise investment, so long as you understand what you’re getting yourself into. A key point to keep in mind for this option is that finding a home loan for a house that needs work can be challenging. There are some programs specifically designed to fix up substandard homes but qualifying can be tricky.
If you plan on flipping the home, your options may be more limited. You need to be especially careful when choosing which properties to invest in, and even then you may need to cover the costs of a down payment and some repairs out of your own pocket. If this is your first property, try to find one that requires minimal work for maximum return on investment.
A fixer-upper could be the home of your dreams. But it could also turn into a nightmare for your health, stress levels, and finances if you’re not careful. Whether you want to live in your home or sell it for a profit, take your time researching your options. Carefully weigh any potential savings against remodeling costs, and be savvy about your financing options.
Finally, if you find a fixer-upper that fits your wants and needs, be sure to look into a local and trusted handyman service, like Cool Handy Luke, to help out with improvements and fixes.
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