You have just embarked on the scariest experience of your life and parted with your hard earned cash to buy yourself a home. This isn’t just any home, this is a fixer upper. And what a fixer upper it is! You need to repair the roof, sort out the brick work, source a new kitchen and bathroom as well as decorate. It needs a full makeover. But you know, deep down, that this short term pain will be worth it if you can create the dream home that you visualised when you came to view the property. At the same time, you cannot afford to see this house become a money pit. Take a look at these tips to ensure that your fixer upper becomes the profitable pad you know it has the potential to be.
The Hard Part
You’ve already gone through the rigmarole of liaising with solicitors, mortgage lenders and estate agents in the quest to pick up the keys to your new property. You may have thought that was the tricky part but think again. Now you have to secure finance for your grand renovation plans. An effective way to do this is to research home improvement personal loans that can release funds to you to enable you to embark on your renovations. If you work out the amount that you can comfortably repay and do not stretch yourself too far, this can be a worthwhile way of financing your plans.
Where To Begin
The daunting part of renovating a fixer upper is knowing where to start. If your home is lacking an adequate kitchen and/or bathroom, it’s a good idea to begin here. Consider the whole layout of your home and put some concrete plans together. Do you want to move walls, add an extension or remodel the garden? Employ the services of a builder or architect to help put your ideas into a blueprint which you can then continually refer to throughout the renovation process.
If you are bringing on board tradespeople to help you with the work, ensure that they have good references and portfolios of work to show you their past projects. You need to be able to get on with any electricians or plumbers or builders so spend some time getting to know them. After all, you’ll probably be working with them for a few months.
Builders should also be able to secure trade prices for materials and pass that cost saving onto you. As the renovation develops, it’s very easy to get swept up in perfecting the interior design of your home. Costs can quickly spiral out of control so you must ensure that you remain disciplined with your finances. Look into easy ways of saving money such as sourcing ex-display kitchens and trade paint. If you venture away from the designer showrooms into the realm of ‘flea markets’ and antique shops, you can often find bargain furniture, lighting, and mirrors that will also add uniqueness to your home.
Buying a fixer upper is a brave way to invest your money in property, and if you get the renovation right, you will have the home of your dreams as well as seeing a lucrative return on your investment when you come to sell.