Buying a fixer-upper can be a DIY-lover's dream. A house with plenty of potential for improvements at a great price might seem tempting. However, there are some specific things to search for to make sure you find the right fixer-upper. Here are some tips for what to prioritize to have the best fixer-upper experience:
Be Realistic
A common pitfall of many DIY projects is an unrealistic assessment of the project's difficulty. Before taking on an enormous project like renovations for an entire fixer-upper, take some time to really think about what skills and knowledge are required for smaller home projects.
There's no rule that says you have to fix everything yourself—in fact, things like electrical and plumbing improvements should be done by a licensed professional. However, even small tasks can require skills you might not have thought of beforehand.
Prepare Your Financing
The sooner you have your financing lined up for a fixer-upper project, the sooner you'll know what renovation plans are possible. Research your loan options and make a budget that includes every part of the process. Expenses include a down payment, closing costs and materials for renovations. Many traditional mortgages will let you finance renovations in addition to the regular purchase. Otherwise, you can apply for a renovation-specific mortgage.
Get an Estimate
Even if you plan to DIY your fixer-upper renovations, hiring a professional contractor can help you spot issues you might otherwise miss. Make your own budget and estimate concerning the cost of materials and tools, but leverage the knowledge of a contractor to help you identify major expenses.
If they happen to find significant structural damage, for example, you won't be stuck with an unpleasant surprise halfway through your project. You can get an estimate for what you might need to hire out a professional while also budgeting for yourself.
About the Author
Pablo Torres
Pablo Torres is a qualified Real Estate Agent with over 10 years experience in real estate sales, due diligence and contract negotiations. Knowledgeable of South Florida neighborhoods. Currently, Pablo focuses his skills on all markets in the Miami metropolitan area.
He has the ability to understand sellers, buyers and renters needs with excellent communication. Fluent in English and Spanish with working knowledge of Portuguese. Pablo has impeccable reputation and a passion for real estate.
He graduated with a degree in International Business from Florida International University (1998) and a masters in business administration from Nova Southeastern University (2003). He had embarked on a career in commercial banking before being driven to switch to one of his passions-real estate.
Dedication, perseverance and punctuality allowed Pablo to sell different types of properties. His expertise with South Florida's cultural diversity has allowed him to sell real estate to both buyers and sellers.
Part of what makes Pablo so successful is his dedication to exceptional customer service and his devotion to their needs, whether they are buying or selling properties. Pablo has many repeat customers who cite his willingness to work long hours to resolve the toughest issues, as a reason why they stick with him. Torres integrity, attention to detail and careful handling of a transaction, exceeds their expectations. Sellers know that Pablo's extensive and personalized marketing strategies, means that their listing is seen by most buyers.
As a real estate professional, Pablo has the tools to represent your interests in virtually any transaction. Pablo's ability to interview, reason and figure out the smallest details makes every successful transaction a seamless process. Pablo is the right real estate professional to hire.
