What to Look for in a Fixer Upper

Thinking of buying a fixer upper? Perhaps there’s a neighborhood you’d love to live in, but the price points are too high. Or maybe you’re looking forward to unleashing that inner Joanna Gaines. Whatever the reason, a fixer upper is a great choice for home buyers with the time and resources to complete the project. Taking on a fixer upper could also help improve the neighborhood and nearby property values. For more information on buying a fixer upper and what to look for in the process, read our guide below.

Before buying a fixer upper, be aware of:

• Your limitations – Do you have ample time on your hands to oversee a renovation or are you swamped with work? Are you completing much of the renovation without a contractor or do you need to hire someone for the majority of the work? Make sure you know your time and capability limitations before taking on a fixer upper.
• Your risk tolerance – From the unknowns about what lurks behind the walls to the financial risks, buying a fixer upper is not a risk-free undertaking. Most home buyers need to have some degree of risk tolerance if they plan to buy and renovate a home.
• Your budget – You absolutely must set a budget before taking on any renovation project. Know what you can and cannot afford to do. Explore different contractor bids and plan the renovation budget accordingly. Make sure you have plenty of wiggle room in the budget for unforeseen problems that almost always arise when renovating a fixer upper.
• Your financing options – How are you going to pay for the renovation? Many home buyers put the majority of their cash towards a down payment. Without money left over, you’ll need to explore financing options, such as a home improvement loan, home equity loan, credit card possibilities and government loans.
• Your local housing market – Make sure you have a good handle on the local real estate market before purchasing a fixer upper. This should help ensure that you get a fixer upper for the right price and avoid overpaying at the beginning of the process.
• Your local permitting requirements – How fast or slow is your local permitting process? In many cities, getting a permit for any change to a home can take months. If the home is located in a historic district, be aware that the permitting process may be even more arduous.
• Your contractor options – Do you know of reputable contractors in your area? Do friends, family or neighbors have someone they can recommend? Make sure you have plenty of good options before purchasing a fixer upper.

What to look for in a fixer upper

Considered all of the points above and still set on buying a fixer upper? If this is your first fixer upper experience, get ready for a wild (sometimes fun) ride. The process can be exciting, stressful – but oh-so-worth it once it’s complete. The advantages of buying a fixer upper can far outweigh the cons in many cases. Best case scenario: you purchase the fixer upper for a good price, with plenty of wiggle room to pay for improvements. You dramatically improve the value of the home (without going broke), and you’re eventually able to move into your dream home. Ta-da! Let’s hope that’s how your future renovation turns out. In the meantime, you’ll need to be very particular about which fixer upper you decide to buy. Here are five things to look for when choosing a fixer upper to purchase and renovate.

A great location

The degree of potential

Reasonable price per square foot

Good bones

DIY possibilities

Ready to move?

Perhaps you decided to take a leap of faith and redo a fixer-upper or perhaps you’re buying a move-in ready home. Whatever the case, congratulations on your recent purchase! Now, you just need a moving company to transport your belongings. To find a reliable moving company, check Moving.com’s extensive network of movers. Our website makes it easy to find and book the best moving company for the job. All relocation companies in our network are licensed and insured, so you can rest assured that your move will be in good hands.