One of the current trends in the market place today is buying a "fixer upper" and planning on making a large return on your investment. There are numerous television shows out there showing us how easy it is to accomplish this, when actually it is no simple feat. I've renovated income properties and our family home and I’m hoping to draw from those experiences to provide a short list of things to consider before you purchase a “fixer upper” property.
~ Consider the time and true cost required to complete the renovations and how it will affect your life and your family’s life.
~ Hire professionals to ensure what your assumptions about the structure and area it is situated are accurate.
~ Renovating a home you also live in can be very frustrating, from the dust and dirt to the revolving door of trade’s people coming through your home.
~ Allowing the time off work to meet with trade’s people is a big factor and not having a general contractor to oversee the project may mean things are not being done to your requirements.
~ If you’re completing the renovations personally allow for a large time frame to juggle the renovating and your income producing job.
~ Get serious with yourself and determine if you can; for example - drywall, lay flooring or even plumb in a new bathroom.
Knowing what exactly you are getting into is very important to ensure that the renovations don’t end up costing more than you anticipated and that the time and money spent on the investment can be recaptured.
All the Best!