The fixer-upper is a property that has the capability to stir a myriad of mixed feelings. On the one hand, there’s the feelings of elation and self-satisfaction, knowing that all your hard work, late nights and lack of social life has all been worth it. On the flip side, there’s all the…hard work, late nights and lack of social life…
Make no mistake, taking on a ‘fixer-upper’ is a labour of love and one where persistence is key. However, putting your own stamp on a property is a great feeling, so with this in mind, here are our top 5 tips to help you get the very best from your dream ‘fixer-upper’.
Location, location, location
Understanding the area where your ‘fixer-upper’ is located is a key consideration. Areas can quickly become both desirable and undesirable depending on fluctuating property prices. Getting the right information from an established property professional, one who truly knows the market, area, local amenities, and any future developments that could impact pricing, will all help to determine if the property you’re looking at is worth the investment.
Evaluate your ROI
Once you’ve identified the right area, it’s time to find the right property. Even if you don’t intend to sell it immediately, understanding which ‘fixer-upper’ will achieve you the greatest ROI is an important consideration. Look objectively at the area you’ve chosen and evaluate the relationship between the local amenities and the property. For example, a three-bedroom house located near a school has a much greater probability of selling than a two-bedroom house in the same vicinity due to parents with children looking to buy or rent in the area. It might sound obvious, but taking these points into consideration will always help to achieve a greater resale value.
Cost, cost and then cost again.
Getting informed estimates of all the work you’ll need to have done will pay dividends. It’s almost certain that your costs will increase from your original budget, so make sure you’re financially prepared for the work that you’re about to have done. If you’re the hands-on type, you’ll save yourself precious funds. If you don’t know your flathead from your pozi, chances are it could be a costly project, so be financially prepared. Also, consider over-budgeting, that way you’ll have a reserve should anything go wrong.
Get ready for the strain
If you are committed to putting the hours in to achieve your dream, make sure that you make time for some respite. ‘Fixer-uppers’ have the potential to take up a lot of your time and energy. They can also put undue pressure on your relationships, so be prepared to use up a great deal of your patience.
Enjoy the experience
Ultimately, the project will (conceivably) have an ending. When it does, there aren’t many more satisfying feelings than knowing you’ve achieved exactly what you set out to do. Stepping back, hands on hips, covered in paint, looking lovingly at your ‘fix(ed)-upper’ will be your reward for all your hard work. As we’ve already stated, it’s a daunting task, but one where the pros can truly outweigh the cons when done right.
