While some people cringe at the thought, others love the idea of fixer-uppers. Fixing up an old or beaten-up house can be a great investment to buy a property and fix it up. People make loads of money flipping houses—but how do they do it? When it comes to making renovations to a property, there are a lot of moving parts both figuratively and literally. From the finances to the materials to physically renovate the house, there are many ways to go about it. Here are five tips for people who want to buy, renovate, and sell a fixer-upper.
Use an Advisor or Review Site
One thing you can do from the beginning of buying a fixer-upper is to work with an advisor or use a review site to find the right contractors. For example, HomeAdvisor reviews provide information on the people in your area who can get the job done for a reasonable price. An advisor will show you the benefits of doing renovations, but a review site will show you who to hire to do the renovations. This is a huge part of the process. When you trust the people who are working on your house, you will be able to get changes done for fair prices.
Think About How Many Renovations You Want To Do
Another vital thing you should do when you’re thinking about buying a fixer-upper is to think about the renovations. It’s a balance between how much you want to spend on the property and how much you want to put back into it. It’s a delicate one. While you should always make sure you have enough money for everything, it can be difficult to know exactly how much renovations will cost. If you do your due diligence and make sure you have enough money you should be okay, but it’s pivotal to think ahead.
Partner with People You Can Trust
If you’re hiring a single company to do all the renovations, you should make sure you trust them. You should shop around for the people and businesses you click with, the people who understand you, and the people you trust. When you invest in making renovations to a home, you are also investing in the people you pay to do the job. Make sure that you are okay with investing in them. Not only is it the right thing to do, but it will also make the process go smoothly.
Make a Schedule
One thing you shouldn’t do is take all the time in the world to change the house. We all know that story of the renovation that got out of control and took forever to finish. Don’t allow this to happen. Instead, make a schedule for the renovations. When you have an idea of when the kitchen is done, you will be able to then move on to other parts of the house. It’s integral to plan ahead if you are going to get this done in good time. An updated calendar will change everything for you. You’ll be able to visualize and get the job done.
Don’t Forget Decorating
Whether you’re planning on immediately selling the house or living in it, don’t forget about the time and expense that decorating takes up. Will you decorate the house yourself or hire someone to do it? How expensive will your furniture be? If you know what you will be getting, when will you buy it? Decorating should fit into your calendar. You might not have time to shop for furniture and all the other parts of the house when the time comes to do it.
Fixing up a house isn’t for anyone, but some of us find it strangely alluring. There’s just something about buying a place for a good price, fixing it up, and selling it for a profit. It’s also an opportunity to live in the place of your own creation. These five tips will help you get started and change your way of thinking about buying a fixer-upper, but it doesn’t end here. You should have to apply this knowledge and tweak it to fit your situation, budget, work ethic, and more. If you don’t love it, maybe you shouldn’t put in the work. Fixing up a house is for those who truly enjoy doing it.