How to Buy a Fixer-Upper as a First-Time Homebuyer
If you are a new home buyer with a limited budget, then you might consider buying a fixer-upper as your first property. These homes may require some care after the fact, but they are often less expensive and easier to purchase. Distinct Construction loves to help people revamp and remodel their homes. Here are some tips for finding a great fixer-upper and how to make it your own.
How to Buy a Fixer-Upper
When you first go looking for a home, you should research the potential community. Ensure the community has the services and amenities that you need including good schools and safe neighborhoods. Once you are satisfied, begin looking at houses. Since it is a fixer-upper, the exterior of a potential house may not look pretty. You shouldn’t choose a house based on curb appeal. Instead, you should check important specs like the square footage, the number of rooms, and of course, the price.
Once you find a house that you like, it is essential that you go above and beyond when it comes to inspecting the property. You need to know what you are getting into. How much money and resources do you need to turn the house into a suitable living space? There are many portions of the house that need to be inspected. Some include the sewer line and septic system, the roof, the structure and foundation, and a test for pests.
What to Fix
Once you seal the deal and buy your new fixer-upper, it is time to get to work. It may be daunting at first to figure out what you need to fix and when, but you just need to take it one step at a time. Start with the parts that need the most immediate fix, like the roof and the gutters so you don’t experience water damage. You should also make it a point to check the plumbing, electrical systems, and air-conditioning or HVAC system. After you tackle the major issues, you can then look at fixing the tile, resealing windows, painting walls, and things of that nature.
You also need to know your limits. There are some projects that you can DIY, but there are others that will require a professional. As far as DIY projects, you can paint and stain your cabinets, clean and replace the brick around the fireplace, and update the wall and ceiling fixtures. For more complex projects like fixing the foundation, installing new windows, and lead removal, you will want to bring in a qualified expert.
What to Do Once You’re Done
Once you have fixed all of the problems and your home is perfect, you should put some careful thought into what you want to do next. For many people, the only option they will consider is continuing to live in the home. They put so much effort into it so they can enjoy the perfect dwelling. However, if you enjoyed the process of renovating the home, then you may want to turn this new hobby into a business.
Many people buy and fix imperfect homes so they can turn them into vacation homes or tenant housing. Some earn a living from the rent they collect. This is a great way to gain passive income, but if you do create a business, you will want to make sure you do it right. Check your state guidelines and make your company official by obtaining an EIN number. Keep your business and personal finances separate and claim appropriate tax deductions. The house flipping industry can be very lucrative and it’s a business that you can do from almost anywhere.
Guest Blogger: Ray Flynn – Diyguys.net
Distinct Construction excels at kitchen modeling, bathroom remodeling, and finished basements. Let us help you! Contact us today by calling (859) 991-5317.