Making Finances Simple. Changing Lives.
It sounds great to get a phenomenal deal on a home with good bones in a great neighborhood. But it’s critical to be realistic about the nature of fixer-uppers…
Among other things, it’s been said that buying and selling a home are the most stressful events in life. If so, renovating a home is right near the top of the list!
Buying a fixer-upper can be the best way to get into a solid neighborhood on a budget. But the work that follows to get the home in your desired condition may be one of the most challenging things you’ll encounter in your marriage! It takes patience, understanding, persistence, compromise, and lots of planning.
Speaking of planning, the hardest part of renovating a home is the financial impact and accurately assessing what your final number will be. Fixing up a home often opens cans of worms you never thought about. Opening walls can reveal things like exposed wires or faulty wiring. Ripping up floors can expose mold that has been sitting for years.
It's advisable to budget at least 30% more than you plan on spending, as home renovations often exceed financial expectations by a considerable amount.
If you budget properly, you can limit some of the stress associated with your fixer project.
Hire, or Fire Away on Your Own?
One of the biggest questions with home improvement projects is to determine what items you’ll pay others to handle, versus what you’ll take care of on your own. It’s real easy to trip over dollars to save pennies here. While professional construction work can add up quickly, so can your time and costly mistakes. Having to do and re-do things can often cost more in the long-run than having a professional do it right the first time.
You also don’t want your home to look like a fixer-upper after you complete your own work because things weren’t done properly.
Know your limits and proceed accordingly. Plan properly and you’ll be rewarded for your diligence!