Finding a fixer-upper in this market means that you have to either settle for something rough, act quickly, or both. Your choices once you make your purchase will have a huge impact on how much you eventually wind up paying for the whole house.
Start
With Safety
Is the
house weather tight? If the roof is leaking but the rafters are in OK shape,
the first step is to tear off the old roofing, add a new deck, add new tarpaper
and get it shingled. Inside the house, make sure that the following are safe:
●
HVAC
●
electrical
●
plumbing
A
questionable electrical system can result in a fire. A poorly functioning
plumbing system can lead to mold, which can make you very sick. An HVAC system
that doesn't work can fill your house with carbon monoxide, grow mold, or blow
up the house. Even if you weren't planning on moving in for a while, get the
safety risk checked out.
Work
on Security
Natural light is a lovely addition to any home. If your windows can't be secured, you will need to add locks. If the windows aren't efficient, consider upgrading both the windows and doors with insulated materials with UV protective features.
Carefully
work around the outside of your home to make sure that there are no pockets of
darkness where potential thieves can hide. Once you start making improvements
to the house, it will be obvious that someone with tools has been in the space.
Tools are easily pawned. Protect your gear by bumping up the security.
Add
The Right Luxuries
Some luxuries are worth, like electric floor heating in a basement bathroom. Some aren't worth it. For example, if you plan to retire in place, a step-in tub is a great idea. Expanding your doorways now, before you need to widen them after a surgery or an accident, is great planning and can be considered a luxury if it reduces your worries.
If you
plan to start a family, a deep garden tub with jets may be a waste of money.
Additionally, if you're planning on having children soon, do not spend a
fortune on your dream kitchen cabinets. It takes very few whacks with a
tricycle to badly mess up the finish on your custom cabinets.
Don't
Overload The Space
Once you get things put together, do be careful to keep from overloading the space. When you've gone to the work to repair walls, paint, clean, refinish floors and clean up the plumbing, you may be tempted to do a great deal of building in or invest in a lot of brand new furniture.
However,
every house needs to rest a bit when you move in. If this is your first home
and you're moving from an apartment to a bigger house, don't add furniture
until you need it. If this means that you need to leave one room empty for a
time, do so.
Keep
Things Simple
If you have a dream carpet or a dream wall covering, use it sparingly in your private spaces. For example, high-quality plush carpet in a bedroom where you spend most of your time barefoot can add a luxurious touch that you will enjoy every day. In your living room, it will just get crushed. Invest in a good pad for all your carpeting, but use a basic texture in the common areas. The crushed carpet looks dirty.
Do make sure that you create spaces where folks can shed the outside world as they come in. Set up a spot to drop off shoes, hang up coats and charge electronics as soon as people get in the space. Your family will be gentler in the space when they're running around in their slippers.
A fixer-upper can be a great way to get more houses than you would have otherwise been able to afford. To reduce the risk of buying a burner downer, consider hiring a contractor to do your inspection. Not only can they dig in a little deeper to any problems they see, but they can give you a ballpark price on structural repairs before you put in a bid.
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