A fixer-upper requires significant time and effort to renovate. While the DIY route might seem like the best way to save money, it isn't always the most affordable option. There are other issues like time and logistics to consider. If you're thinking about buying a fixer-upper, here are the biggest things to consider:
Hard Work
The major drawback to fixer-uppers is the time and effort they require. Even for DIY masters, an entire list of home improvements adds up to a significant undertaking. Some tasks might be simple and inexpensive, like painting or installing tile. Others, like plumbing overhauls or installing new HVAC systems will require more time and labor.
Unexpectedly High Costs
Unfortunately, fixer-uppers often come with unexpected costs beyond what you budget for. Even with the unpleasant surprises, you may end up spending more than you budgeted for on renovations. Every construction project inevitably runs into delays or issues with materials—these issues can add up quickly and add monetary stress to the situation. If you hire professionals to help you with the bigger projects, their labor will factor in as well.
Changing Timeline
As with all renovation projects, there are bound to be timeline issues. Delays in getting materials, poor weather and any other myriad obstacles can stretch out a quick project into a month-long process. If you're doing the work yourself, you'll also need to consider your own energy levels and life balance. After all, you need to make time to eat and sleep! Balancing DIY renovations with jobs, social or household obligations and your own peace of mind may factor in to your timeline. Unfortunately, these issues are some of the hardest to plan for.
Fixer-uppers can be a ton of work, but they can be very rewarding. Whether you plan to live in the improved home or flip it for profit, you can get even more out of it than the work you put in.
About the Author
Richard Powers
Born and raised in Lynn, Massachusetts, Richard has been a successful Real Estate Agent, specializing in the Greater Lynn area for 28 years. He was awarded the prestigious Centurion Award for 19 years in honor of his outstanding number of listings and sales and was the recipient of numerous Diamond Awards for exceptional sales and service.
In his spare time, Rich enjoys golfing, hiking with his dogs and practicing Karate, in which he holds a second-degree black belt. He also enjoys volunteering for various animal rescue groups with his wife of 33 years and is especially dedicated to supporting Faithful Companions, a local non-profit group that helps families in need receive life saving veterinary treatment for their cherished pets.
The next time you need an experienced Real Estate Agent, be sure to give Rich a call. His professionalism and knowledge of the Real Estate Industry are unrivaled.
