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Tips and Tricks for Your First Fixer Upper

Tips and Tricks for Your First Fixer Upper

Are you having a hard time finding a home that fits your budget and has all the amenities you want? Well, it may be a good idea to look into fixer uppers. Completely renovating a home top to bottom is a daunting task, but once the home is finished you’ll be glad you stuck with it! 

Purchasing a fixer upper can save you money in the long run, but initial renovation costs can add up. It is important to prepare and budget for those costs as well so you don’t end up spending an arm and a leg. Before you find yourself in a money pit, here are some tips and tricks to know before purchasing a fixer upper.  


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!


Hire a Reputable Contractor

If your new home requires a significant amount of work it will be a good idea to hire a professional contractor or subcontractor. They 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. With that being said, be sure to ask around for recommendations. Don’t be afraid to even ask the contractor for references before hiring them. You can never be too sure when you are about to spend a lot of money on your new home!


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. If you’re stuck check out easy DIY home renovations on YouTube for easy step by step instructions. 

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 just in case something new comes up!


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. Try to enjoy the process as much as possible and always remember you are creating your dream home! 


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!