Are You Thinking About Buying A Fixer Upper
The best ways to maximize your remodel...
With property prices and interest rates still low across the US, and inventories high, it's a great time to be in the market for a fixer-upper. By buying a property that needs some repairs, you can obtain your dream home for less than you would probably pay for a move-in-ready abode.
To make certain you're making the most of your investment, however, it pays to have a look at your credit before you buy and commence your remodel. You'll not only require credit to cover the purchase price of the house, but you will need it for remodelling costs as well.
The first step you should take in your bid to purchase a fixer-upper is to review your credit report and score. Websites like creditreport.com can help you understand your credit. Understanding your credit will help you know whether or not you can afford to buy a house that needs work and if you'll be able to afford the desired renovations.
You should also carefully research what your choices are for financing your remodel. Discover what your options are, from traditional fixed mortgages to home equity lines of credit, and decide before you purchase which kind of financing will be best for you. Getting a handle on your financing before you buy can help make certain you stay on budget when you're in the midst of renovations.
When you've got a crystal clear picture of your credit status and financing options, you can start looking at fixer-uppers. When you uncover a good prospect, have your remodeling contractor check out the house with you so he can give you a rough estimate of what needs to be done and how much the project will cost. Read This method
If you're buying a house that's in generally good condition but just looks dated, you'll need to make a number of decisions about where to invest your money. Target improvements that will not only look good, but will also boost the value of your home. Resources like Remodeling Magazine's Cost vs. Value report can give you a good idea of how much of your original investment you'll recover on different remodeling projects at the time of resale.
Once you've signed all the paperwork and the home is yours, it's time to get to work. If you're handy, you may have the chance to save money by doing some of the repair work yourself. Projects like painting, adding crown molding and even installing new flooring are well within the skill-sets of most do-it-yourselfers. More complex projects like drywall, plumbing or electrical work may be best left to professionals.
Whether you do the work yourself, or hire contractors, you'll need to carefully manage all aspects of the renovation to make certain your remodel remains on budget. The exhilaration of remodeling a house into your dream home can make it easy to get carried away on spending. Remember that remodeling estimates are just that-- an estimate. The final cost is rarely exactly what your contractor anticipated it would be. Build in at minimum 10 percent extra to cover emergency overruns, and avoid making any needless changes to the plans while the renovation is underway. jasper georgia