Should you buy a fixer upper

For many home buyers, the idea of buying a fixer upper you can transform into the house of your dreams is an alluring prospect.

Indeed, it has often been associated with allowing buyers to get their ‘foot in the door’ of a good suburb at a more affordable price. But how do you know if this approach is the right fit for you?

Be aware of costs

First and foremost, you need to critically assess the level of work required and make sure you have a thorough understanding of how much it will cost to make these improvements.

Be diligent with your financial estimate. It’s better to prepare yourself to spend more than strictly necessary than it is to underestimate costs. In this regard, it is a smart decision to hire a REIWA buyer’s agent to help you navigate the purchase as their expertise can provide valuable insight and assistance.

Be realistic

The scale of the project you undertake will largely be influenced by the age and condition of the house. Does the home just need a fresh coat of paint and some new fixtures and fittings? Or does it need more extensive upgrades like bathroom and kitchen renovations, or retiling?

Don’t enter into a project that you can’t see yourself completing. Renovating a fixer upper is time consuming so be sure you have properly considered the work effort involved and can commit to the scale of the upgrade.

Prepare yourself for the unexpected

Anyone who has ever renovated will tell you that you need to prepare for the unexpected. There can be plenty of unknowns when embarking on a renovation and you are likely to be thrown some curveballs. Be prepared to roll with the punches and make sure you leave some wiggle room in your budget for surprises.

When approached and executed correctly the experience of buying a fixer upper can be extremely rewarding. You have the opportunity to convert a run-down home into a show stopper and increase its capital worth.

If you’re considering renovating, be sure to speak with a local property expert about your options.