Guest Blogger: How to Decide the Ideal ‘Fixer-Upper’ Projects for your Home

Guest Blogger #337, Entry #909, January 20, 2012

Despite the fact that the housing market is currently ideal for buyers, with low prices allowing many to get into bigger and better properties than they could have imagined just a few years ago, many homeowners still have to settle for fixer-upper opportunities that require a little work in order to create a functional and aesthetically pleasing space.  In some cases the upgrades are merely cosmetic, but others may find themselves facing major construction issues in their efforts to turn their dream home into a reality.  So here are just a few tips for the would-be fixer-uppers out there looking to do some upgrades.

What fixer upper jobs are worth your time?

Asses what needs to be done

First you should assess the level of work that needs to be done.  Go from room to room (and don’t forget exterior spaces) to determine what needs to be done to make the space livable, as well as what you would like to do to improve the appearance of your home.  Once you’ve got a laundry list of deeds to be done, you’ll want to sit down and plan a budget.  With these two things in hand you can start the process of prioritizing your upgrading goals in order to stay within your budget.  Of course, you can also take steps to make every dollar count, but you’ll first need to think about what you hope to accomplish with your renovations.

Why are you upgrading?

If your main reason for upgrading your home is to attract future buyers and see a return when you go to sell your property, you’ll want to make sure that you opt for upgrades that will help you to meet this goal, which generally means renovations in the kitchen and master bath.  However, these can quickly prove to be some of the most expensive areas to work on, so if you’re thinking more about how you can improve your home for your own satisfaction, you may want to skip the major overhauls if possible and go for more cosmetic changes.  In fact, if your cabinets, counters, and fixtures are sound, you should leave these rooms alone or make only minor renovations so that you can focus your attention (and money) elsewhere.

Seek a professional’s advice for upgrading

Seek professional advice if needed

But how do you know when you need to shell out for major upgrades and when you can stick to less expensive options?  A contractor can help you here by looking for issues that will only compound over time, such as poorly-framed cabinetry that is starting to sag or leaking pipes that will lead to major water damage.  These problems are better addressed early on and you may as well do some upgrades while you’re at it.  Other than that, it is basically a matter of personal preference, and you can save a lot on some projects through the selection of materials and a DIY attitude.  While you should definitely hire professionals for plumbing, carpentry, and other in-depth jobs, you can get yourself a home-repair guide in order to cut costs as you tackle simple endeavors on your own (installing tiled backsplashes, laying wood flooring, and even replacing fixtures, for example).

Plus, you can find ways to secure the money you need to do upgrades if you don’t happen to have cash on hand.  Start by seeing if your home mortgage lender (or your personal banking institution) will extend you a line of credit (a home equity line) in order to make improvements.  Or look into an FHA refinance to lower your monthly mortgage costs so that you can save for your upgrades.  Purchasing a fixer-upper property can come with a lot of heartache and money down the drain, but if you plan accordingly and spend wisely you stand to enjoy a functional, beautiful home during your residency and make a sizeable return on your investment when you’re ready to sell.

For more fixer upper ideas on Stagetecture, click here.