October 9, 2018

Is a Fixer-Upper Right for You?

Fixer-upper

You’re in the market to snatch up your dream home, but haven’t won the lottery quite yet. You want the dreamy, white kitchen without the expensive price tag. We get it! A fixer-upper may be the perfect fit. There are some important factors to consider when determining whether a fixer-upper is right for you. An affinity for Chip and Joanna Gaines just won’t cut it when it comes buying a home with renovation needs. Here are some helpful questions to ask yourself when considering a fixer-upper.

What could my potential resale value be?
It’s important to understand the price at which you’re considering to buy a home and what the resale value could potentially be. Purchasing a home that will leave you right side up is the goal. Buying a home and investing more into it than what it would be worth for resale purposes is never a smart fiscal decision. Unless your Bill Gates, then be Bill Gates!

Speaking with your real estate agent about prospective renovations will provide a better understanding as to the potential resale value.

How many rooms would I want to upgrade?
Some homes simply need paint, new floors and maybe a few appliance upgrades while others may need the entire home gutted, and a new floor plan. Understanding the extent of renovation needs and creating a list of what rooms need work, will help gather an estimate and priority of the proposed projects in mind.

What items will I be willing to compromise or live without for a while?
Some homes require immediate renovations due to structural issues while others only need cosmetic updates. Keep in mind that not every aspect of a home can be customized to your personal taste and style immediately unless you have an unlimited budget. Those crystal door knobs you’ve been coveting on Pinterest? Those can probably wait if your focus is to create a warm and inviting kitchen. Understanding priorities and the number of desired upgrades will help factor in the decision to buy and renovate a home.

Will you pay a professional or DIY?
Why does HGTV have to make home upgrades look so easy and tempting? Renovations are much easier said than done. Carefully consider whether you will be willing to dedicate your spare time towards home renovations or whether it would be more realistic to hire a professional. The cost difference between these two routes will be substantial, so considering this in advance will help to determine whether this is the right decision for you.

Where are you going to store all your stuff?
This is an important question to ask. Would you potentially have a garage to store items? If so, are you willing to move your car out into the elements? If a garage is not part of the home, would a friend or family member be willing to let you store some of your stuff during reno? Another option that alleviates the burden to your vehicle or friends and family, would be a self storage unit. A unit that can meet the capacity of the items you’re looking to store while providing you the security and peace of mind you deserve. For items that should be kept indoors, a climate controlled unit is the perfect solution. Let Mini U Storage help you tackle your reno dreams.

No one said DIY-ing was easy! Taking careful consideration to how you answered these questions to help bring you one step closer to deciding whether a Fixer Upper is the right decision for you.