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April 5, 2018

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Fixer-Upper... Should You or Shouldn’t You?

January 15, 2018

It might be tempting to save money on a purchase and transform a fixer upper into exactly what you want.
 

Before you make the leap, you should ask yourself if this type of project is right for you and the way you live:
 

What shape is this house really in? I always recommend getting an inspection before purchasing a property. If the initial inspection turns up problems that are concerning, calling in a structural engineer or other experts is a good use of your money.
 

How much is this going to cost? A contractor may be able to give you a rough estimate in a few hours but ask for a detailed proposal so you both understand the scope of work and include a 20% contingency budget to deal with unforeseen problems.
 

How are we going to deal with hidden problems? Although you should have a 20% contingency padding in your budget for such situations, what happens if the needed repairs exceed that?

How are we going to live while the repairs are being done? Are you okay with living with a certain amount of chaos, dust, and missing functional spaces? Can you function without a kitchen for weeks on end? Not all people can. 
 

Buying a home in disrepair and renovating can indeed be a strategic way to build equity or simply have a home you will love and enjoy for years to come. If you would like to learn more about this option, let’s talk! Give me a call, text or email: 206.730.0962 or nina@ninabjornstal.com.

 

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