Potential home buyers are well aware that a fixer upper can be a great solution to a tight budget. They offer the ability to add sweat equity as well as creating a home that is truly your dream home. And the array of renovation shows on television makes the thought of a fixer upper seem almost romantic. Putting heart and soul into a house only to have it turn out even better than you expected. It’s the stuff that fairy-tales are made of. And a fairy tale is exactly what some of those show really are. The fact is that there is more potential for heartache and going broke than any television producer will every show on camera.
It can be easy to walk through a home and see hundreds of tiny projects that you are sure you could complete in just a day or two. But who really has 100 weekends to devote to home DIY projects? That adds up to almost two solid years of working every weekend on your house by the way. And each one has a price tag attached to it as well. So be honest with yourself about the projects that you can complete and the ones that you will need to pay a professional to complete. And realize that there could be issues that you can’t see lurking in the walls and floors. Making that honest list will let you begin to estimate what your total investment in the house will be.
Knowing the final numbers are very important. You know what you are willing to pay and you estimate the renovation and repair costs but is that total going to exceed the value of the property even when it is renovated? You need to be willing to walk away from a home if it is not a good investment. Not only will that be frustrating but it could result in you running out of money, having an unfinished renovation and losing the house and all that you invested in money and work.
Another poor decision is cutting corners with trades. If the house needs to be rewired then spend the money for a professional electrician. If you need plumbing work then get a plumber and not a handy man. In most cases you will spend money on the cheap fix now and then end up spending even more money later to fix that poor workmanship and anything else that the water or electricity damaged.
If you would like to avoid fixing up your home and decide to sell your home fast without doing any repairs, Phoenix Home Buyers Group will make you a no-obligation cash offer for your home in as little as 24 hours. Give us a call at 602-833-7812 or visit our website for more info.