Are Fixer-Uppers As Easy As They Seem On TV?

The short and obvious answer to that question is no. What you see on your screen is usually a nicely staged snapshot and an unrealistic depiction of the blood, sweat and tears that take place when the camera isn’t rolling. If you are on a tight budget and adept at home repair and styling, finding the right fixer-upper may be the solution to your problem on how to afford a first house. However, if you have to work all the time to afford the house and are not very handy, you might want to take a pass. You don’t want to get saddled with a money pit that will give you nightmares over the course of ownership.

Before taking the plunge into a fixer-upper, think about your intention for the property. Is this a house you will enjoy making into a home? Are you in it for the long haul, in terms of time, labor and the financial resources it will require before your vision evolves into a finished home? If so, a fixer-upper may be just the ticket for you as a homeowner.

Assessing the Real Cost of a Fixer-Upper

Here is a quick to-do list that can help you determine if a fixer-upper is right for you. These considerations can help you decide what you can afford, how much to offer and whether that particular house is right for you:

  • Decide what you can “DIY”
  • Get solid renovation estimates
  • Research permitting requirements and costs
  • Double-check structural work pricing
  • Solidify your financing costs
  • Calculate a fair offer
  • Include inspection contingencies
Surface vs. Structure

When it comes to fixer-uppers, the key is good discernment on what is purely cosmetic in nature and can be fixed with craftiness, talent, and a lot of paint and elbow grease versus what may put you in financial constraints for a long time to come. Be proactive and don’t be afraid to ask for a price reduction to help offset the work to be done. Also, there are loans that will help with renovation costs. Hire a structural engineer to make sure you know what major work the property requires that may put the project beyond the reach of your wallet.

What is Doable?

Investing in a fixer-upper, provided you have the time, skill and financial resources to make it into your dream home, could wind up being a wise investment. Some improvements that are totally reasonable, both financially and in terms of DIY or reasonable contractors, include:

  • Refinishing a floor, laying tile or new carpet
  • Painting, stripping wallpaper and patching walls
  • Fixing broken windows
  • Replacing doors
  • Changing out receptacles and light switches
  • Adding a deck
  • Painting the home’s exterior
  • Replacing bathroom subfloors
Red Flags

Unless you have fallen in love with a particular home and money isn’t a concern, you might just want to pass on properties that have major structural issues and need capital improvements. This would include issues such as:

  • Replacing the HVAC systems
  • Foundation work
  • Replacing the roof
  • New plumbing, electrical or sewer systems
  • Concrete work and new driveways
  • Replacing windows
  • Complete kitchen or bath renovations
  • Building additions or garages
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