Should You Buy a Fixer Upper?
Ambitious buyers go for fixer uppers in a tight housing market thanks to their lower prices, better value and reduced competition among buyers. With prices of turnkey homes expected to keep rising (albeit more slowly than they have been), you may be wondering if a fixer is right for you. Here are 7 FAQs to help you decide.
How much does a home renovation cost?
Home renos are notorious for costing more and taking longer than planned, but this is often because homeowners make changes and additions along the way. To get the most accurate estimation of time and money from your contractor, write down each piece of your plan in as much detail as you can.
How will I pay for it?
Cash is always good, but if that’s not an option, there are other possibilities to consider, including:
Will my home value increase?
Every homeowner expects their renovations to increase their home value, and that’s usually what happens. But sometimes what homeowners thought was an improvement turned out to be a liability to potential buyers. Pro tip: Don’t add architectural or landscape elements that cannot be easily changed.
How do I choose a contractor?
You want the same relationship with your contractor as you have with your real estate agent: one of trust and confidence. Your contractor must be a good listener and communicator. Your contractor should share your vision and keep you informed at every step. Google “best contractors in <your town here>” and sort results by number of stars. Create your own list of possible contractors from signs you’ve seen in people’s front yards, recommendations from friends, the Nextdoor app, etc. Look up Google reviews for those contractors as part of your vetting process. Ask them for addresses of homes they’ve done. Talk to their former clients.
How long will the reno take?
A complete kitchen gut, for example, can take 3-6 months, depending on size and complexity. The more prepared you are with the details of your project, the better time estimate your contractor can give you.
How should I prioritize my projects?
If you’ll be living in your home during your renovation, you’ll want to space out your project so you can live in some rooms while others are being renovated. You may also need to plan the phases of your reno based on things like cost and availability of funds as well as availability of labor and materials.
Where do I start?
Research. Make a look book of finishes you like. Talk to contractors. Visit kitchen, bath, appliance and flooring showrooms to get an idea of options and pricing.
