Thinking About Jumping on the Fixer Upper Trend? 7 Questions to Ask First. Home improvement can be a way of life. HGTV gurus like The Property Brothers and Chip and Joanna Gaines have made a very solid living off of buying, fixing, and selling homes over and over again. They make looking every pretty glamorous, right.
When you purchase a fixer-upper, either as a home for your family or as a real estate investment, you have to make a tough decision regarding this. You would then just hope that sweat and equity pay off down the road.
However, if you are having thoughts about buying a fixer-upper to save money on a home investment, like TRF Development Partners are doing in Baltimore, Maryland, there are quite a few things that you must consider then.
While investing in existing housing is a great way to maintain and improve your city’s neighborhoods, you do not, however, want to get stuck with a house that will empty your pockets and finish your home improvement job.
7 questions you need to ask before you sign on the dotted line
Are the home’s systems (roof, windows, electrical, etc.) in decent shape?
When you are going to buy such a home, you have to look up for few things, such as the condition of the roof, windows, and electrical circuits. If these few items are not in a good condition, they will cost you more than you can imagine.
However, you have bought a home, which only requires minor changes, such as few coats of paint, or setting up few sides of the walls, this could be done without getting into the loan. This is why it is necessary you take a close look at your roof and then decide whether you need to buy it or not.
How expensive will it be to make the home energy-efficient?
Older homes are usually not that energy-efficient and this means that you have to spend a good amount in making those homes energy efficient. Moreover, this will also help in reducing the energy bills afterward. However, in the start, you will have to spend a good amount of money in making such homes energy efficient, such as by getting a new roof if the old is damaged, getting new windows, new decking, new doors, etc. This will cost a lot.
What kind of hidden hazards can I expect?
One of the hazards that one can expect from the old homes is the use of asbestos and lead-based paint which are now considered unhealthy. These paints were banned in 1970 and still, some homes are using this paint. Lead paint is very harmful to pregnant women and children. Moreover, other problems could be like wood rot, lead pipes, and mold.
Are there signs of pesky pests?
The older homes when they are neglected they can become a place for insects and critters. In addition to the nightmare factor of finding rats in the basement during a home improvement project, pests can damage everything present in the home. Moreover, even squirrels can be dangerous too because they eat up the insulation material in the roofs which can become another expense for you.
Are there local laws or codes that will the project?
You have to first check for all the rules that could be present there so that you don’t fall into any kind of trap. You can check for the laws such as zoning codes, preservation requirements, neighborhood restrictions, etc. So, when you are thinking about the style and color of the home, think about these different laws too.
Can I afford this home improvement project?
It all depends on the amount of money that you have and the amount of money you would be spending on the project. This is why you need to plan everything, calculate every cost so that you could easily afford it, or at least have the idea of whether you can afford it or not. You can also look for the sale prices of certain homes in that area.
Do I have the stomach for this?
The fixer-upper projects are challenging ones and it requires a different kind of effort and the pressure to bear when you are using your own money on some project. Moreover, you think you can go live in another place and do this project easily, if yes, then you might have the stomach for this kind of work.