Buying a Fixer-Upper
There are some secrets to buying and remodeling a house.
The home buying process can be stressful for a lot of people, as the need to find the perfect location for the exact right amount of money can be a tremendous burden. It doesn't have to be a long and expensive ordeal for you, however. There are ways to find the house you want quickly and keep the cost under the budget you have set.
A route many people take to remove the stress of buying a house is opting for a fixer-upper. A property that needs a lot of work done will usually cost less than brand-new or more modern homes. But what a house like that lacks in amenities it makes up for in possibilities. Buying a fixer-upper gives you the chance to modify the property in whatever way you'd like, for the amount of money you want to spend.
There are some secrets to buying and remodeling a house . Here are three of them to get you started:
1. Start with a thorough inspection
Before you can fix up a house, it is important to see what is wrong with it. That's where a good home inspector can come in handy. This professional can diagnose every flaw within a property and help determine if it is worthy of being fixed or if the issue is a serious one that could derail the entire structure. If there are any problems, an inspector can give recommendations on the best ways to fix them.
As U.S. News & World Report noted, interested homebuyers often go back to sellers after an inspection to renegotiate price. Instead of asking the previous owners to pay for the repairs, you may ask to have a fixer-upper's price lowered. This allows you to spend less on the home and gives you the chance to make the repairs at your convenience.
2. Set a schedule
How long are you willing to live in a fixer-upper home? The answer to that question will guide you to a schedule for making the necessary home repairs. Some projects you can tackle yourself, working at your own pace to have the home in the exact shape you prefer. Other tasks within a house, however, need to be done by a licensed pro. Issues with dangerous gas pipes or heat pumps need to be fixed rather quickly, so pay an expert to handle those. You'll be happier in the long run that you did.
When making a schedule, you can also map out a budget for your fixer-upper home. Determine what aspects of home repairs will be done at certain times, so that you can also allocate the proper money to make those fixes. A schedule also helps you plan which projects will be done at specific times. Certain projects are better scheduled for the spring and summer, when the climate allows for work outdoors. In the winter, it is better to do indoor activities such as painting and redecorating.
3. Make it your own
The fun of a fixer-upper is that you can design the house to be exactly as you want it. From colors to styles, you have the freedom to make the property unique, This Old House explained. Be creative and let your personality ring through every part of the home. Showcase your own touch by fixing up both the indoor and outdoor elements of a house.
Vectra Bank can help customers acquire the financing they need to make their fixer-upper purchase the house of their dreams.
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