Reality versus Fantasy; Fixer-upper Homes

The term “fixer upper home” can inspire romantic images of run down and falling apart shacks being turn into gorgeous cottages where very fixture, spread of paint, and light switch plate has been put there by the proud hard working home owner. The friends and neighbors will “oooh!” and aaaah!” over the diligence of labor and listen intently to every anecdote of every single day since the first nail was pounded.

Or the other fixer upper fantasy: the flip! You pay next to nothing for a house that “needs TLC”, invest a little money and a bit of time, and ta-da! You turn around and sell the house for a fancy profit.

The reality doesn’t always match the fantasies, though. Fixer Upper homes can be fun, and the rewards for all of your hard work and invested money can be great. “Can” is the word you should focus on here, though.

Always consider the market and do your research. If you are planning on fixing the house to resell it make sure you know the answers to these questions: it is a seller’s market? Is it a buyer’s market? How long are the homes in the area which you are considering buying, on the market before they are sold? Is that period of time profitable considering your budget?

If you want to live in the house you are fixing up make sure you get a thorough inspection from a qualified home inspector. Be there on the day the inspector is checking your potential home and get every detail about the house. Is it livable as-is? Or does it need work before you can live in it? Are the repairs something you can do yourself, or will you have to hire someone?

Also, be honest about your abilities. Maybe you are a great painter, but what do you know about furnaces? Do you really want to pull up carpet? Wood floors can be great, but does yours need to be sanded and varnished before it looks decent? How good of a plumber are you? Can you fix a roof all by yourself? Remember, be brutally honest with yourself when answering these and other questions about your fixing-up abilities, and always make a stringent and strict budget you can live with.

Don’t forget to admit just how much time and energy you will really have to fix up a home. remodeling can seem like fun when you imagine how wonderful it will look when you are done, but how fun will it seem when you just got off of work and dinner still needs to be made, laundry is piling up, and you have to be into work early on Monday.

Without a doubt, fixing up a home can be rewarding. Just make sure you always separate fantasy from reality.

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