If you’re in the market to buy a home there’s a high likelihood you have at least considered buying a home you’ll have to do a few renovations before you move in. If it were me, I would do everything that needs repair before offering anyone to buy my house. Buying a home that needs some fixing up isn’t a terrible idea but it’s also not as easy as your favorite home renovation shows make it seem on TV.
Everyone loves a good before and after shot of a living room or entire house, but getting from the before to the after takes a lot of work. While you’re shopping for your new home you’ll need to keep some things in mind if you intend to buy a fixer-upper and renovate it yourself. There are definitely some great advantages to renovating your new home purchase.
Even with all the advantages, things can get complicated quickly if you aren’t careful. Knowing the process is important. Understanding your limitations and when to bring in experts is a key factor in how things will go. Buying a fixer-upper can be a great idea, you just have to keep some things in mind. Here are the things you should know before you sign on the dotted line.
What Are The Financial Advantages Of Buying A Fixer-Upper?
Depending on where you live and what home buyer programs are available there could be some huge advantages. There are specific loans meant to help you finance both the purchase of your home and its renovation all in one. This means you don’t have to worry about getting two separate loans, or having two different payments later on.
Using renovation loans is a great idea if you think you’re more interested in purchasing a fixer-upper than a home that’s move-in ready. Applying for this type of loan does mean you’ll have to think ahead and decide that you really do want to commit to a renovation project. You will have to have the financing lined up before you can close on the house and start any remodels.
Buying a fixer-upper can give you a chance to afford a house in an area or neighborhood that might otherwise be out of reach. Consider what your total budget is and compare that to your dream home locations. Ideally, when buying a fixer-upper you can find a home in your dream area that no one wants right now but everyone will be jealous of when you’re finished.
If you can’t afford a house that’s move-in ready in that area, start thinking about options for homes you can buy and fix up yourself. It could get you into the area in a way that’s still within your budget.
What Kinds Of Renovations Are Possible?
This is really a situation where the sky is the limit. Your ideas for your renovations can be endless as long as they make sense for your space and your budget. If you want to re-haul the entire house you really could do that. You just can’t be unrealistic about what you can afford and what you can do on your own before you need to hire a professional.
If you want to change major things about the home you’ve purchased you’ll need to be very honest about your DIY skill level. If all you’ve ever done before now is hang some curtains, you’re going to have to figure in the cost of a professional crew into your renovations. Then you’ll have to listen to that crew’s advice because they really do know best. This is what they do.
If you decide you want to update something like the footprint of the house so it’s an open concept instead of several closed-off rooms, that’s a large undertaking. It’s still possible, but it’s going to take more time, effort, and money than minor updates like fixtures and sinks. When you’re deciding what to renovate keep in mind what’s realistic for you before making final decisions.
Some key things to keep in mind as you’re making renovation decisions for your fixer-upper:
Be Prepared To Go Over Budget:
You need to remember that what you see on TV isn’t always accurate. This is especially true for your budget. Costs of buying and renovating a home are often very much based on the area you live in. What you see on TV may not reflect prices in your area or new neighborhood.
You’ll also need to be prepared to handle the unexpected. This means things are going to come up and they’re going to cost money to deal with. If you’re not prepared with a 10-20% buffer in your budget you won’t be able to renovate the home you’re buying effectively. It could leave you stuck with a project that will never be finished.
Know Your Own Limits:
This is something you already read a little bit about. It’s important not to overestimate what you can do yourself. Be ready to bring in the pros when you can’t handle something on your own. The house you’re buying is supposed to be your new home for a long time so you don’t want to risk a poorly done job by not bringing in pros when needed.
Be Ready To Compromise:
Remember that if you’re buying a fixer-upper you’re buying a home and a renovation project. Don’t lose sight of important things like fixing plumbing issues because you’re stuck on a specific type of oven. Your house will need to be able to be functional as well as have an updated look.
When you’re deciding on which fixer-upper to buy keep in mind what you are and aren’t willing to compromise on. If you need to have extremely specific updated appliances then you’ll have to make sure the house you’re buying doesn’t need as much work in other areas. It might limit which kind of fixer-upper you can buy.
What Types Of Renovation Designs Are Trending Right Now?
If you’re drawn to purchasing a fixer-upper then there are probably very specific things you’d like to see in your new home. Yes, you’ll have to fix basic things within the home first, but you will be able to make decisions about how your new house looks overall too. That’s the exciting part of house shopping when you’re looking at a fixer property.
Chances are you have some design trends in mind that you really enjoy and want to make happen for you. Home renovations have trends just like any other type of design option out there. There are some things you can do that will make your renovation a little more trendy and up to date.
Open Concept Floor Plans Are Trending:
Open floorplans are a trending design that has been a hot trend for quite a while now. You can use the idea of taking down some walls in your new home’s main living spaces to give your home a more open feel. It will give you the chance to create your own layout for your home.
Sometimes with an open concept, you can even see your entire main living space from any part of the house. Open concepts are a great idea for home buyers that love entertaining. You can look for ways to open up your entertaining and kitchen areas so that you aren’t cut off from your guests as you prepare your food.
Natural Light Is Very Popular:
A lot of older homes that are now deemed to be in the fixer-upper stage of their life have small windows that make the home feel dark and closed off. Remodeling will give you the chance to capitalize on some of the newer design trends for letting some natural light in. Floor to ceiling windows in one room or even a skylight can really change how the entire home feels.
Letting in the natural light and giving your house an open airy feeling is a popular way to update how a house looks. If you’re already buying a fixer-upper you probably will need to replace at least a few windows as it is. You can use that to your advantage and choose to put in larger picture windows or even a full wall of windows like in the image above.
The goal of this trend is to make everything a little less closed off from the outside world. However, you accomplish that can be suited to your taste and you’ll still be incorporating some trendy design elements in your renovation.
Exposing What’s Hidden Is Hot:
Sometimes with fixer-upper properties, there are hidden gems underneath some very ugly facades. Exposing what’s already in your home and honoring some of the more classic architectural aspects of the time it was built is something that’s very popular. You can think of things like exposing brick that’s been previously covered in a fireplace or beams in your ceiling.
You may also find that under some pretty hideous carpeting is amazing hardwood flooring. Depending on when your home was built and what other design trends it’s lived through, there were periods of time where covering hardwood flooring was more popular. If you’re going to be renovating anyhow, find out what’s under those carpets. Hardwood flooring is always an amazing find when you can make it work without breaking the budget.
Kitchen Remodels And Expansions Are Always Trending:
Kitchens are sometimes one of the most important rooms in a home. When you’re buying your new house consider what you can do to make your existing kitchen turn into your dream kitchen. There are design elements you can consider, like expanding by knocking down walls so you can add in a center island.
You can update with stainless steel appliances, or consider new cabinets with a more sleek overall look. When you’re buying and renovating your new home you’ll have the chance to consider the small things that would make your life a little better too.
If you cook a lot you might want a sink that’s built to fill pots (pot filler sinks are a thing, and they’re amazing) or you might want to build in two ovens. These are all trendy designs you can incorporate into your home’s newly updated kitchen.
Laundry Rooms Built For Stylish Function:
The house you’re buying may not have a fully dedicated laundry room but that doesn’t mean you have to keep things that way. You’re renovating your home to suit your tastes and needs. That means you can update your home to have a laundry room that looks amazing and is highly functional.
Think about what you’re going to want to do in your laundry room. You can consider making the room easier to clean by using all tile flooring. Maybe you can install a really nice laundry sink if you plan to hand wash a lot of your clothes. If your laundry room is going to be located off of your garage you can even make it a great area to store book bags, shoes, and jackets.
Outdoor Living Spaces:
You don’t have to neglect your new home’s outdoor spaces during your renovation. You can think about what you’d like to have outside while you’re shopping for your new house too. Outdoor kitchens or elaborate pool areas are all very popular right now.
If you like to entertain a lot this is another chance to really wow your guests. You don’t have to stick to an indoor kitchen to keep them intrigued. Think about ways you can build your outdoor living spaces to create a home-like feel even outside. Living room type features brought to your outdoor space are very popular.
You can also opt for less complex options like just remodeling or building a nice deck outside. Thinking of your home’s outdoor living areas as part of your overall look and feel is very trendy right now and that idea isn’t going to go anywhere anytime soon. Changing up some outdated decking or adding in new elements entirely is a great way to adopt this trend and make it work for you.
Conclusion:
There are a few other things you’ll need to keep in mind as you’re shopping for your fixer-upper. It bears repeating that you don’t want to get in over your head. As you’re looking at potential new homes remember to keep things realistic both in terms of budget and what you’re able to do on your own. Under or overestimating either of those things will not result in a great final product.
After you’ve signed the papers and your home’s remodel is finished you’ll still want to do a final walkthrough with any contractors you’ve hired. Don’t let them leave until you’re all in agreement that the project is truly done. If there are minor touch-ups you want to be done make sure you’re clear about that before they go. Don’t be hesitant to talk to your contractor about anything you’re disappointed in. This is your home, and you’re allowed to be picky.
Buying a new home is always going to be a stressful event. There’s really no avoiding that, especially when you’re buying a home that needs some fixing before you move in. Keeping the things you’ve read here in mind will help you minimize the stress as much as possible.
Try to use the ideas and tips you’ve learned here to make your new home everything you want it to be. Buying a fixer-upper can be a very rewarding experience after everything is finished and you’re all moved in. Once you’re sitting in your newly renovated home and the hard work is over, it will be worth all the extra time and effort. Enjoy!