When you are on the market for a place to call home, many people aim for New Homes instead of Fixer-Uppers. Most people don’t want to put forth the time, energy and cost into fixing a home- however, some strive to find the “perfect” fixer-upper to renovate and end up with a home that is worth twice the price tag that was paid for.
Neighborhood:
When considering a home that requires work to be done, know what neighborhood to look for. You want to put your money toward a solid investment that you can be confident in. Make sure it is a sustainable address that can draw in buyers.
Inspect the Property:
Another important tip to look out for would be to keep an eye out for homes with updated kitchens and bathrooms. This also catches attention, and is less time and money spent on renovating yourself. When searching for the perfect home to renovate. Inspect what really needs work done, the last thing you want is to invest in a home that needs a complete renovation rather than a little TLC.
Cost & Budget:
Make a note of everything you intend to renovate and come up with a reasonable budget. Be sure to account for some extra funds should something come up!
Contractors:
Find a Contractor that has your best interest in mind. They will help finalize your plans and budget and come up with a timeline of completion.
Permits:
Give yourself time in advance to apply and acquire your license. The process could take up to 3 weeks. Keep in mind, if you halt construction for more than 3 months, you will have to re-apply for one. There are essentially 3 things you will need to get your license.
- Plan
- Make sure you have a formal plan of the location and structure of your addition.
- Application
- Fill out your application with all necessary information.
- Check
- You will have to pay a fee for this permit, depending on the size and location of your addition.
Stripping and Renovating:
Now begins the hard work. You will begin removing and reconstructing the areas you are renovating. Whether this be the flooring, cabinets, toilets, fixing doors, windows, trim, roofing, Central Air systems, plumbing, heating, etc, etc.
Finishing Touches: The contractor will complete the work to be done. At the same time, you may begin adding the finishing touches such as landscaping, painting, and final building inspections.
The most important tip you should keep in mind is the budget and timeline could take longer and cost more than you intend. Being organized and having a set plan is extremely useful. Completing a rehab can be a lot of hard work, but seeing your final result is more than rewarding, especially when you have a happy buyer!