Fixer-uppers without the downers.
A place with potential? A renovator’s dream? Full of character? Buying a property that needs considerable work can be an exciting (and profitable) undertaking, but it can have danger written all over it too.
Do your research
Good intentions aren’t enough, you’ve really got to be realistic about what can and can’t be done, before you commit. Get clear on what things will cost, and what options you have – what must be done, and what’s a nice-to-have.
Proper research is the best way to know if you have a green light project or a money pit on your hands – before it’s too late!
Get real about your budget
Reno’s don’t come cheap. And a fixer-upper can seem like a bargain, but that’s before you start trying to fix it! So budgeting it out in advance is the only way to go. How much do you have – total – to spend on this property? What can you prioritise and what can wait awhile? Are there any cheap solutions you can find, or is there a set price to get the results you want?
Plan it out
A plan doesn’t ensure things will all run smoothly, but not having one guarantees trouble at some point or another. To keep the stress levels down, have a set plan in place – timelines, costings, responsibilities, contacts, order of work. This is one time when spreadsheets really are your friend.
To DIY, or not to DIY?
Taking on the job yourself can be fun, not to mention loads cheaper. But some things are best left to the pro’s, especially anything involving electricity or plumbing. Establish what you can do yourself, what you can realistically learn, and what you’ll outsource. Sometimes the pro’s are expensive for a reason.