Remodeling a fixer-upper is all the rage, as reflected through home design TV networks. You may have even begun researching 203(k) loans and dreaming up ways to revitalize that new-old listing you’ve been eyeballing… If you’re on the fence about whether or not to buy a fixer-upper, here are a few things you might consider:
DIY or Die
Can you do it yourself? Doing it yourself can save money. Projects like removing wallpaper and painting don’t require a license, but electrical work and plumbing most definitely do.
Price Out Costs Before
Here’s where it comes in handy to have a contractor on-hand to price out renovations you know you’ll need to have done – keep in mind hidden issues that can arise and budget for that as well.
Permit Inquiry
You can and should check in with your local officials about what permits are needed for the task at hand. Upgrades to you home without the proper permits could cost you money in the long term.
Check It Twice
Housinglogic.com suggests double checking prices on structural work and be sure you’ve figured out the extent of any and all structural issues.
For more tips on how to answer the fix-it-up or no debate, check out Housing Logic’s blog.
Source: https://www.houselogic.com/buy/house-hunting/how-assess-real-cost-fixer-upper-house/