It doesn’t matter whether you are purchasing a fixer upper to transform into your dream home or whether you want a house to flip quickly in order to make a profit, there are some strict non-negotiable fundamentals that you need to adhere to.
When creating your dream home, the thought of making money and ensuring that you don’t fall into negative equity probably doesn’t even enter your mind. However, you must always have one eye on your finances especially when undertaking expensive renovations that could quickly turn into a money pit.
A fixer upper is a fantastic way to get a foot on the property ladder if you have been renting for what seems like an eternity. It also allows you to purchase a home when you couldn’t otherwise afford one. Fixer uppers, by their very name, are properties that require a lot of work to bring them up to a habitable standard. You need to have a lot of commitment and drive to be able to transform a fixer upper. However, by following this guide, you can ensure your foray into home renovation is as stress free as possible.
Fit For Purpose
Before you do anything, you need to ensure that you can buy a home that is still worthy of the money that you are prepared to pay. Just because a pad is cheap doesn’t mean that it is a good buy. If it appears too good to be true, the chances are that it is. You need to think very carefully about the location in which you buy.
Don’t opt for an “up and coming area” that has been described the same way for fifty years or more. Scour the Internet and research more well-established areas. If the property prices in these areas have increased annually for the past three years, then you are onto a winner.
Consider your budget and don’t go above it. Remember, you still need money in the bank to do the works needed. Don’t overstretch yourself, especially in this volatile time in the financial markets. The housing market is not as buoyant as it once was so you must have a contingency should unforeseen jobs arise.
Once you have purchased your unrenovated pad, it’s time to focus on the remodelling that you wish to do. You could be going for a simple redecoration if you are planning to rent out the property. However, if you are planning on making this fixer upper your forever home, then you need to consider more drastic renovations.
Before you begin, it’s vital that you make sure that the building you have bought is structurally sound and has all utilities connected to it. Make a call to your local electricians to check over your wiring. Some older homes have electrics that are well past their usage and need replacing. While costly to rewire a dwelling, this is vital to keep your home safe. Call the plumbers in and the gas professionals and get a new boiler and check over your pipework.
Once everything has been serviced and given the green light, you can continue with the more fun aspects of creating your dream home.
Your dream home shouldn’t worry too much about creating a decor that is suitable should you want to resell at some point in the future. The magnolia blank canvas is only necessary if you are planning to flip the property or you are going to rent out the pad. If not, go for it.
Exude your personality through your decor. If you love all things vintage and retro, head to your local auction house and scour online shops to pick up some Ercol tables, a G Plan sofa and some sputnik style atomic coat hooks from the 1960s. Reusing, reducing and recycling might be a mantra that you live by. Echo this in your decor and save money in the process.
Just because interiors magazines have a whole host of on trend colour schemes and furniture ranges on their covers, you might not like them.
Don’t kit out your home with this if you hate it. You need to live amongst it, so ensure that you enjoy creating an ambience that you adore being surrounded by. This doesn’t mean opting for the most ridiculously garish bathroom suite. While you might like the magenta sink and bathtub, a white version may be more apt.
If you adore colour, don’t think that you need every shade and tone in every room. Go with a bland set of sofas and carpet or floorboards in the living room and then accessorise with colourful drapes and soft furnishings.
The kitchen that you remodel will end up being the hub of your home. Here, you can create a large kitchen diner that you can enjoy cooking up gastronomic delights in as well as enjoy catching up with pals over a coffee and having sophisticated soirees.
Don’t think that you have to spend a fortune to create an iconic kitchen. Go to your local showroom and investigate the ex-display ranges on offer. You could end up paying less than half the recommended retail price just because the cupboard doors have been opened a few hundred times. If you love the marble or granite quartz look, don’t think that you have to pay for the real thing. Engineered laminates can create the look and give you the same feel for your room without the price tag.
Buying a fixer upper should be fun, but you need to consider the time and effort required as well as the funds. If you have a full-time job, consider hiring the services of a project manager who can look at your designs and goals, and ensure that they are achieved within a set timescale and to budget. This alleviates some of the burden on your shoulders and will help you to maintain your full-time job.
If you are keen to make a foray into the property market and you want a fixer upper, follow this guide to ensure you make a success of your renovations.
Subscribe to our mailing list
Join Hundreds of readers who have access to exclusive downloads and content