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:
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.
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.
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.
I have been selling Real Estate in the Greater Boston Area since 1997. I am the Co-Founder & Current Broker/Owner of Realty Executives in Watertown. A lifelong resident of Watertown which I still reside with my Wife Debra and my Twins Emily & Christopher. I am a supporter of many local & national charities. One of my most rewarding fundraisers was as a rider in the PanMass Challenge in 2010,2011,2015 & 2016 raising over $50,000 over those 4 years for the Dana Farber Jimmy Fund. I am a 1988 Graduate of Bentley University in Waltham. I have extensive knowledge of all types of Real Estate participating in over 1000 transactions. I also have New Construction experience & specialize in condo conversions.
Purchasing a home is one of the single most important investments in a person's life. With my expertise and guidance in the home buying and selling process, I can help find the most appropriate home for you. You can be assured that an experienced Real Estate Professional is working with your interests in mind. Please contact me on my cell at 617-799-8948 for a free consult if you are thinking of Buying or Selling your home.