Facebook Share Twitter Share Linkedin Share Pinterest Share
How to Save Money on a Fixer Upper

How to Save Money on a Fixer Upper

You might find yourself binge watching shows on HGTV like “Fixer Upper”, “Property Brothers” or “Flip or Flop” and thinking that you want to purchase a home to flip or a fixer upper for yourself.  The idea of home renovation is appealing to many, but before you find yourself in a money pit, here are some tips and tricks to know before purchasing a fixer-upper.  

1.Create a realistic budget 

When searching for a home to flip, it's important to have a budget set before looking for a home.  It's easy to have a budget of $350,000 and purchase a home for $250,000, but you will need to assess the renovations that need done and make sure that your remaining budget will cover the updates.  Don’t forget about those closing costs!


2.Hire a reputable contractor

If your new home requires a significant amount of work it will be a good idea to hire a contractor or subcontractor.  These are professionals who will make your lives a lot easier. Even if you think you can get the job done yourself it's still best if you hire someone for the HVAC, plumbing, electrical or roofing.  That being said, be sure to ask around. Don’t be afraid to even ask the contractor for references before hiring him or her. You can never be too sure when you are about to spend a lot of money on your new home!


3. Decide what to DIY

Once you have found a contractor that you want to work with, now is the time to determine what projects you are going to tackle.  You will be able to save a ton of cash off the bat if you do things like painting, tiling, installing flooring, and landscaping yourself.  


4. Assess future repairs

When purchasing your home, you need to determine what needs to be done before move-in and what you can save for later.  It's also a good idea to budget for emergency funds during the time you are renovating your home. 


5. Don’t Rush

Once you have bought your home, try not to rush into getting the house finished.  Fixing up a house can take a lot of time and patience is key when it comes to home renovation. Rushing through the process can be a costly mistake.  


Now that you have decided to take on a fixer-upper, you are almost set.  Follow these five tips and the renovation of your dream home will all come together! If you need any assistance in finding the perfect home to flip or make your own, reach out to the Berkshire Hathaway HomeServices  The Preferred Realty Team to start your search!