However, before you decide on that old rickety house and breakout all your tools, you need to first understand what you’re getting into. If you don’t have much experience with fixing up homes, there’s a chance you could overlook something so significant that it either blows your budget or makes the home unfixable. Before you buy a fixer upper, be sure you don’t overlook these areas.

Choosing a Fixer Upper Home? Essential Tips to Consider

 

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Inspect the Home’s Foundation

The home’s foundation is one of the most important elements of a home. Damage to the foundation can make the home unstable, be the cause of flooding, or allow rodents and pests to get in and out of the home. Before you decide on a home, be sure that you thoroughly inspect the foundation. Go into the basement and walk along the walls. Look for signs of water damage, cracks, holes, or rotting. You can even look for signs of previous repair, as this will let you know that you may have a potential problem on your hands. If you find any issues, reconsider buying the house carefully. Fixing a foundation can be extremely expensive, as you may need to jack the house up in order to do so.

Look Through the Attic & the Roof

The attic and the roof can say a lot about a home, so you want to be sure you really inspect these areas before deciding to buy. Check the attic and look for signs of water damage or rot. If you notice any, chances are you’ll need to replace the wood in order to keep the home safe and stable. You should also check the roof for signs of damage. If you notice any gaps, holes, warping, or rotting, you’ll need to factor in the cost of roofing materials to your budget.

HVAC – Is the Heating and Air Conditioning Working Correctly?

Chances are you don’t live in an area that offers perfect weather every day, which means that you’ll need a way to warm up or cool down the house. Be sure that you inspect the current HVAC system that’s in place. Look for signs of damage, or even try turning it on to see if it works. You also should make sure the HVAC system is up to code or made to your liking. For example, if the home window air conditioning units, you may want to splurge on a central heating and cooling system instead. If you don’t factor this into your renovation, you could end up with a pricey fix on your hand.

Check the Plumbing Pipes & System

Having underlying plumbing problems can become a major expense. This is why it’s very important you thoroughly inspect the plumbing components of your potential home. Make sure you look for signs of damage, rot, or mold. You should also be sure to turn every faucet on and off to check the water pressure and see how the water drains. If you’re unsure of the home’s plumbing, you can always hire a professional to inspect the home’s system for any issues.

Don’t Make a Home Purchase Blindly

Having a fixer upper can be a rewarding experience, but it can also be a financial nightmare. Be sure that you keep a keen eye on these areas of the home to ensure you’re not buying a money pit.

For more home maintenance tips on Stagetecture, click here.

Purchasing a home that needs serious remodeling is no easy decision. Renovations are time consuming, expensive, and require commitment and determination to complete. If a house hunter is seriously considering buying a home to restore, they can follow these five practical guidelines to simplify a potentially overwhelming process.

Image via: Travis Knoop

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Get an Inspection

Finding a home inspector is one of the most important tasks for homebuyers looking to invest in a fixer-upper home. Be sure to read reviews and select an inspector who comes recommended by other homebuyers who have no bias toward the purchase or sale of the home. Another important step is to make sure the inspector has experience in evaluating older homes. If the inspector is only versed in newer construction, he or she may insist on excessive upgrades.

Determine Necessary Repairs

Cosmetic repairs usually require replacement of the drywall, lighting, shutters, windows and doors or refinishing of the floors, kitchens or bathrooms. The more demanding projects, however, involve structural damages in the foundation of the home. Foundation repairs are costly and may eat up a budget before interior updates are addressed. Further, mold is an issue that should not be taken lightly. Aside from the danger of inhaling toxins, surface mold is an indicator of more complicated problems in the home, such as flooding or leaks. If the house smells musty or has indications of water damage, it’s best to stay away.

Finally, if the layout of the home is undesirable, it is going to be difficult to change without completely gutting the home’s interior. Kitchens and bathrooms are problematic to move around due to limited access to pipes and plumbing. Not every wall can be torn down, either. Load bearing walls help to hold up the foundation, while curtain walls are simply room dividers. Keep these limitations in mind when imagining potential remodel layouts. It’s best to find a home that has a convenient and logical floor plan to avoid these pricey renovations.

Image via: Heydt Designs

Overestimate Costs

It’s difficult to determine exactly the type of repairs that a house needs without ripping down some walls and examining the groundwork. However, this is not an option during an inspection. Often times, a new homeowner conducting renovations might find issues during construction that weren’t evident upon inspection or in the seller’s disclosure. Some of these may be minor fixes, but can also be costly and require urgent repairs. It’s best to have extra funds set aside to cover such unforeseen problems.

Consider Living Arrangements

Is there a safe place to stay while the construction is taking place? A homebuyer may want to reconsider buying a fixer-upper if the plan is to move in immediately upon purchase. Not only is it dangerous to be inhaling dust throughout the night, but living in a disheveled house 24/7 can become emotionally draining. Staying in the home can be a constant reminder of the stress, costs and slow-moving processes of large remodels. If the home is going to become the buyer’s primary residence right away, consider remodeling in phases to establish a safe, stress-free living space.

Image via: J. Stephens Interiors

Calculate Profit

Even if the buyer plans to live in the house for a few years rather than just flipping it for a fiscal return, the money and time put into fixing the home should yield a high profit to be worth the hassle of the renovations. The initial cost of the home and the cost of repairs (materials and labor) should be less than the total resale value of the house. Make sure to deduct potential unforeseen costs from the final calculation. While it’s impossible to predict exactly what the house will eventually sell for, homeowners can determine market value by searching comparable properties in the neighborhood. If the market is strong and the home is the right price before renovations, then there is a high probability for substantial returns on the initial investment.

None of these steps should be taken lightly, since a home is likely the most expensive purchase made in an individual’s lifetime. Above all, a lack of experience in home improvement can delay the renovation process. Even with professional assistance, it’s best to clearly understand all of the repairs required, why they are necessary and the reasons behind their costs. The more knowledge of home improvements the new homeowners have, the smoother and more affordable the renovation process should be for them.

Written by:  Tali Wee of Zillow

For more home buying tips on Stagetecture, click here.

If you’ve been thinking about investing into some real estate, rather than purchasing a brand new home (that can cost quite a bit of money), you may have been considering buying a “fixer upper”, instead. That way, you can get the property for much less money and then fix it up at your leisure (which usually means, as you can afford to do so).

However, just because you get the home for a fairly cheap price initially, that doesn’t necessarily mean that you ended up with a bargain. In other words, sometimes you can purchase a piece of property at a really great deal, while getting into a situation that ends up being way over your head.

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So, how can you know if a fixer upper is something that you can realistically handle? Here are some really great tips:

Consider the Perks of a Fixer Upper

When it comes to actually looking into some homes that need a little bit more work than others, there are some definite benefits. Aside from the lower asking price that you will probably be able to get on the house, it may be a way to get into a neighborhood that’s property value would otherwise be too expensive for you (if it were a newer home). Plus, as a major DIY project, it gives you the freedom to use your own creative ideas to bring out the individuality that you would like for the house (especially if you plan on living in it rather than flipping it over and reselling it to someone else).

What You Should Look Out for Before Making the Purchase

Now that we’ve explored some of the pros to purchasing a fixer upper, let’s take a minute to talk about some of the cons that can make getting the home a real headache rather than a true blessing. Sometimes, people are so quick to want to get a certain home (at a certain price), that they never take out the time to consider why the house may be up for sale (for so cheap) in the first place. Therefore, in order to spare yourself a lot of potential regret, it’s a good idea to take a home inspector along with you to thoroughly look through the house. They will know to look for rodent (include termite) infestation, structural damage and wiring and plumbing issues. If you discover that the maintenance on the house will cost more than the home is actually worth, that is a reason to seriously reconsider it. For instance, paying half a million to restore a home that is only worth $200,000, especially with this current real estate market, may not be the wisest kind of investment.

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Review Why You Want to Do It…Before You Do It

As you’re looking for the right kind of house, whether it’s Houston real estate, Nashville real estate or anywhere else in the country, make sure to keep your eyes on the prize by staying focused on the ultimate reason why you desire to make the purchase in the first place. If it’s to buy the home, fix it up and resell it, then make sure that the purchase will ultimately make you a profit. If it’s so that you can create your own dream home, then don’t buy the home unless it can meet your basic needs. Bottom line, when it comes to a fixer upper, you’ll know that you can handle it if it seems like a fun thing to do that will not put you into long-term debt; if once you fix it up, all of the work was truly worth it. Literally.

For more home buying & selling tips on Stagetecture, click here.

Have you just purchased a home that needs some tender loving care? ‘Fixer-uppers’ are a great investment if you are willing to put in the needed labor, time and expense of fixing it up once you move into it. Today, my Guest Blogger gives DIY tips from moving into his fixer and upper and how it changed his family’s lifestyle!

Image courtesy of Decor Dir

Get new carpet isn’t just getting new carpet. It’s a change in lifestyle.

We were in a lifestyle-changing mode, anyway. Getting into a new house and welcoming a baby are two of the biggest changes a young couple can face—we just happened to be facing them at the same time.

Two days after the papers were signed, the short sale completed, and the moving truck ordered, we get an “oh, by the way” call from the previous owners that they had forgot to mention to the agent: they had water damage, and the carpet had developed some mold on the backing. “Enjoy the house!” Click. I stood in my house staring at the offending carpet with silence and rage ringing in my ears.

Buying a house isn’t cheap. Neither is having a baby. I soon came to find the expenses involved in inspection and repair. I’d do it myself, but I still needed a loan. One California home improvement loan later, I headed to Lowe’s.

And that’s where we come to the lifestyle changes involved in changing your carpet. Because picking out a carpet was more than the color we liked. There were not only several factors to considered, but also many a trade-off to consider:

Image courtesy of Remodeling Ideas

Tips to consider:

• If we weren’t going to be in the house longer than five years, is it worth it to get the less expensive carpet?
• If we get the more expensive carpet, will it provide the value and satisfaction to balance out that price tag?
• If we are recarpeting one room, will we recarpet the rest of the house to match?
• What kind of furniture changes can we afford considering the shade of the carpet?

Our DIY priorities became the following:

• Cost
• Durability
• Aesthetics
• Ease of cleaning
• Furniture
• Paint

Having a home improvement loan does not mean that we were keen on spending the entire sum, so we were trying to be smart about the entire process (hint: loan = interest). And at every step of the process, we asked ourselves, “How is this going to handle with the little one . . . and any future siblings?”

See what I mean? Lifestyle.

Image courtesy of This Old House

So here’s what we ended up with:

Wife and I repainted virtually every wall in the house, a task that becomes rather entertaining when you have no concern for the old carpet beneath you. We settled on a carpet with soft brown tones ranging from “espresso” to “chocolate” that had Scotchguard built in. We—ahem, I—got through three bedrooms, a living room, and family room, and my father-in-law came by to help recarpet the stairs. Our used-to-be-white, 15-year-old sectional was replaced with a microfiber couch and loveseat, colored deep red.

And I’m afraid the rest of the furniture would have to wait. I now have yet another loan to pay off (interest), but my house is finally my house—and it looks amazing (equity).

So let’s hear it: Am I the only one who finds a complete lifestyle change with a home improvement project? Tell me about your latest and greatest, and fill everyone in on what changed for you.

Jared Heath likes to bite off more than he can chew when it comes to home improvement. He is most grateful for his wife who lovingly cuffs him over the head before the budget gets out of control. He and his wife and new baby are now resting comfortably in their new home.

For more DIY ideas on Stagetecture, & Stagetecture’s YouTube Channel, click here.