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First-Time Fixer-Upper: A Homebuyer's Guide
Buying a fixer-upper is a big adventure, one filled with emotions ranging from excitement to anxiety, serenity to stress. A fixer-upper can be a great way to purchase a house in a neighborhood that might normally be out of your budget.
Of course, you’ll want to first gain an understanding of what you can afford before jumping on the fixer-upper bandwagon. Online calculators yield an estimate based on your monthly spending and annual income, along with the down payment, type of loan, and current average APR. Aside from reduced price, other benefits of purchasing a fixer-upper include:
● Less competition from other buyers
● Possible increased resale value
● Creating a unique, one-of-a-kind dream home on a blank canvas
When searching for fixer-upper properties in your area, it’s important you know the typical DIY repair and design projects that might be required before you can live comfortably in your new home. Not only will this help you determine the kinds of tools you may need (as well as a factor in the cost of any new ones you’ll need to buy), but also what kind of timeline you can expect for your projects to be completed. Some projects will be easier, while others will be more complex. When looking at typical projects for a fixer-upper, anticipate easy repairs such as:
● Replacing outdated lights with ceiling fans and modern fixtures.
● Adding trim and repairing baseboards.
● Repairing drywall, pulling down wallpaper and painting.
● Painting the exterior.
● Refinishing hardwood floors (which involves sanding your floors down to the bare wood before reapplying a protective coating), laying tile or installing carpet.
● Building a deck.
● Refacing kitchen cabinets and affixing new hardware.
● Updating interior and exterior doors.
● Changing out light switches and outlets.
However, some fixer-uppers require more investment in updating the home’s structure. More complex projects could include:
● Replacing old heating and cooling systems or installing central air.
● Strengthening and repairing foundations.
● Updating old electrical systems.
● Replacing plumbing, broken pipes, and sewer lines
● Complete kitchen and/or bath remodels.
● Building garages or other additions.
If you plan on buying a fixer-upper and tackling any simple or complex repairs on your own, start with making sure you have the right tools including a quality hammer. Many projects will require you to get familiar with power tools such as drills, rotary sanders, jigsaws, nail guns, power washers, oscillating saws, paint sprayers, table saws and more.
With all of these repairs and design projects, how do you know which ones to take on first? Well, part of that depends on your priorities, as well as when you will be living in the house full-time. However, when prioritizing projects, some important considerations include:
● Plumbing, structural and electrical upgrades that are needed to support other projects.
● Projects that enhance comfort such as renovating a bathroom with a new shower, tub and toilet along with new tile and refaced cabinets.
● Projects that impact the whole household like kitchen remodels that include new floors, countertops and appliances.
● Seasonal projects like installing updated windows and doors before winter or building a deck during the cooler fall and spring.
There are many good reasons to buy a fixer-upper, and many more to do the work yourself. You can gain a wealth of knowledge and experience about carpentry, which will benefit you for a lifetime. You’ll also swell with pride every time you grill out on a deck you built, wash your hair in a shower you installed and raise a family in a home you designed.
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