Buy Your First Fixer-Upper With These Tips in Mind
What do you look for in a fixer-upper? If you’re buying your first house, you already know there are lots of questions associated with the process, and none of them have easy answers. There are too many factors, including the neighborhood, condition of the home, your budget, and your timeline. Not only that, you’ll need to consider whether you want to stay there once the renovations are finished or if you want to sell, rent it to long-term tenants, or turn it into a vacation home. Article by Seth Murphy
Start by getting in touch with experienced realtors like Brian Chandler, who can help you find the perfect location as well as assist with the listing should you decide to put it on the market. Follow these tips on buying your first fixer-upper so you can avoid costly mistakes:
Make Some Important Decisions
Before you even begin looking for a home, it’s essential to consider your options and make a few decisions. Will you be living there with your family, or do you want to try your hand at becoming a landlord? Tenant housing or short-term rentals can both give you extra income throughout the year, but they do require some work on your part, so it’s important to make sure you’ll have the time to commit to it. If you do decide to rent, form a business entity so you can reap the tax benefits at the end of the year. Forming an LLC and obtaining an EIN, or employer identification number, will also allow you to separate your personal and business funds, hire employees, and open a business checking account with ease.
Be Ready to Act Quickly
The real estate market is hot in many cities right now, so when you’re ready to start looking for a location, it’s best to be as prepared as possible. Take steps to get pre-approved for a loan so you’ll have a budget in place, and know what to look for as you begin your search. For many first-timers, it’s important to find a home without too many big issues, or one that needs some attention but is in a great location. If you’re going to be renting it out, location is a priority, as your renters will want access to attractions, shopping, and restaurants. If you know exactly what you’re looking for, you can swoop in as soon as possible once you find a spot that meets your needs.
If you intend to live in the home while renovating it, know that renovations can be messy affairs. If you’d like to protect your belongings from the inevitable dust and debris, it may be wise to store much of your belongings in a storage facility. Fortunately, these storage solutions can be rented at reasonable rates. For example, you can rent a 5’ x 5’ unit for as little as $50 a month, which is a bargain if you don’t have to store many things.
Plan for Repairs
Once you find a great fixer-upper in the perfect spot, you’ll need to assess which repairs and projects need to be done first. Have an inspection done and get a list of every task that needs to be taken care of so you can prioritize; electrical work, plumbing, roofing, and flooring are a few of the most popular repairs that need to be done on most fixer-uppers, and these are also some of the most labor-intensive or dangerous.
Even if you’re familiar with home repairs, never try to tackle these tasks yourself. Not only could it result in injury, but it could also create costly problems that eat into your budget. Instead, focus your efforts on simpler repairs — like painting and installing new appliances — and hire experienced pros for the rest.
You should definitely plan to renovate the kitchen; any potential buyer will expect to see an up-to-date cooking space. Make sure the appliances have modern features and a consistent appearance and be sure to add anything that may be missing, such as a range hood above the stove. It’s also a good idea to repaint the cabinets and update the hardware, too.
HOME WARRANTY COMPANIES
There continues to be some confusion among homeowners or soon to be new homeowners about what a home warranty covers and what value it provides. To help deliver clarity on this topic, Architectural Digest has published “The Best Home Warranty Companies of 2023″. This article will help to answer the following questions:
- What Home Warranties Typically Cover
- How to Choose a Home Warranty
- The Top 7 Home Warranty Companies according to Architectural Digest Reviews
You can check out the article here:
https://www.
Buying a fixer-upper can be a huge life change, and it requires careful planning months ahead of time. Even then, there are still unexpected problems that will most likely arise, so it’s crucial to expect a few issues or delays. In doing so, you can help reduce the stress that comes with purchasing and renovating a home so you can focus on enjoying the process a bit more. To begin a search for your first fixer-upper, contact Brian Chandler today!
![]() |
CLAIM YOUR FREE COPY OF THIS HOME IMPROVEMENT BOOK. |
Add Value
Renovations, no matter how small, add value to your life by making you happy with your home, and they add value to your property, as well. If you choose to relocate, Brian Parker offers expert advice on selling in Parker, CO.
Real estate pro Brian Chandler of RE/MAX Alliance Group is a top producer and sales trainer located in the Parker, Colorado, area. Whether you’re buying or selling, team up with Brian today! 720.808.1007 What is it like Living In Parker Colorado? Read more articles like these Top Realtor Info Contact Brian Chandler
