Are you thinking of buying a home that needs extensive work?
Is a home that needs renovation a good fit for me?
Do you see your home renovation challenge ending before you decide on a home that requires extensive work?
Before deciding on a fixer-upper, let’s consider the essentials.
You don’t have the money.
After paying your downpayment and closing costs, you must consider how you will finance your renovation project. Are you getting a mortgage or a renovation loan for extra money? Do your fixer-upper math in advance. Remember to add a significant buffer of 15-20% to your budget with rising material and labour costs and soaring inflation. Break down all the costs. Some renovate for years instead of planned months because they run out of money. You do not want that and want to see your home renovation project end.
You are not handy.
If you are a first-time Do It Yourself reno person, you will be better off skipping the dream of getting into this project. You can hire professionals to do the job, but knowing the costs and having trusted contractors will turn your project from disastrous to fabulous. Ensure you know who you hire, and consider the benefits of using professionals. I have seen a few never-ending renovation projects because of disagreements on the work performed.
You need more time to control your project.
Depending on the scope of your renovation, you may want to choose to live elsewhere. The dust, noise and drilling will be hard to handle. Getting out of the way and temporarily lodging with relatives will save you the frustration of living at the construction site.
Control the project and consider time involvement.
Even with the best professional taking care of your job, you should still be reachable for quick decisions most of the day. Budget time to visit the property regularly to avoid mistakes and disappointments, which will cost you both time and money.
What are the benefits of a home renovation?
With everything carefully planned and executed, you will have the house of your dreams made to your tastes and preferences. The benefits of quality home renovations are tremendous, from lowering your energy costs to significantly raising the home’s value. The renovation will make your home more comfortable and functional, and your family will have years or even decades to enjoy it. Remember to stick to the initial plan and budget to avoid surprises and disappointments.