Whether you have always dreamed of buying a fixer upper or it’s the only way you can afford the size home in the neighborhood you want, there are many things to take into consideration before the price tag makes the decision for you. Analyze the situation carefully as fixer-uppers can often end up being a money pit if not thoroughly planned.
Assess the Home
First off you want to arrange a home inspection which will help you identify any problems in the home that are not visible to the average person. Unless you’re a contractor yourself or have a large budget, you typically are going to want to purchase a fixer upper that primarily only needs cosmetic work as major projects such as foundation issues, plumbing, or electrical will require hiring professionals.
Calculate the Costs
Once you get the results from the home inspection you can start to work on a budget and weigh the pros and cons of the home. While you go through a renovation you always want to expect the unexpected. The best thing to do while calculating the costs of your renovation is to over budget.
Financing At 1st Advantage Mortgage we have options for you as a homebuyer needing a renovation loan. You will be able to purchase a home and make the upgrades you want all with one loan that includes the purchase price plus the expected costs of the renovation. Contact me for more details on renovation loans.