Many people like the romantic idea of buying a fixer-upper, but not everyone is fully prepared for a project of that magnitude. There are many factors to consider before deciding to take on such a project, including overall home condition, project legalities and permits, and foundation solidity. Not every home is turn-key ready after all.
Nevertheless, just because a home may need a little TLC doesn’t mean it won’t be worth it in the long-run. Although buying a home “as-is” can be intimidating, it could still give you the opportunity to score a great deal, and the blank canvas you need to build your dream abode (within your budget of course!).
At Eagle Construction, we want to make sure that our customer’s don’t get in over their heads. That’s why we’re telling you about these eight things you should know before going through with a house flip project.
Set a Budget and Stick to It
When preparing your finances for a massive undertaking like a fixer-upper home renovation project, it is extremely important that you know exactly what you want in the end, and how you can make it happen at a price you can realistically afford.
Take a good look at your financial situation and meticulously plan for every expense. Most experts agree that you should also build a 10 to 20 percent buffer into your budget as well, as this will prevent you from overspending as you get closer to your goal.
Keep in mind that not every market is created equal, so relying on the budgets you may have seen on some daytime television home renovation programs may not always accurately reflect your market of choice.
Be sure to plan accordingly for exactly what you want out of the finished project, but don’t overreach. That being said…
Don’t Skimp on Materials
While you may be able to identify a number of reasonable cost-cutting measures when working to remodel your fixer-upper, purchasing second-rate materials is not one of them.
Sure, going cheaper on materials may seem like it will help your budget initially, but further down the line this decision may come back to bite you. This is especially true if hardware breaks in the middle of installation, or if tools aren’t sufficient enough to get the job done satisfactorily.
It can also be an ultimately wise decision to order more materials than you think you’ll need. In doing so, you can prevent headaches like attempting to perfectly mix another gallon of paint to the perfect color shade, or finding a second piece of granite or marble that matches the original set exactly.
Communication is Key
If you’re looking to invest a great deal of time and money into a fixer-upper, then it is especially important that you and everyone associated with your project is on the same page at all times.
For example, if you’re planning on using a contractor, make sure to point out details and concerns that are especially important to you. You should do this both verbally and in writing, as frequently as necessary.
This is especially helpful if you aren’t planning on being physically present at every moment. Doing things like taping painter’s tape to the wall to show contractors exactly where you want hardware fixtures placed and marking any spots that you require drywall repair can be especially helpful.
Measure Twice, Cut Once
It’s an old adage for sure, but an accurate one. No matter what you’re attempting to do with your fixer-upper project, whether it be interior decorating or appliance installation, you have to be diligent with your measurements.
Failure to do so may result in unnecessary delays and appearance issues that could have easily been avoided simply by taking your time. Unlike baking, art, and fashion, construction work definitely is an exact science.
Keep in mind though, that not every interruption can be accounted for. Don’t get discouraged if you find yourself having to think of creative solutions for some problems that arise along the way. After all…
Some Delays Are Inevitable
Always be prepared to go significantly over your allotted project time. Lifting a fixer-upper to its full potential is no simple feat, and doing it right takes patience and care. Don’t get discouraged or stressed if your plans are taking longer than you thought they might at first.
It is aso important to take into account the time it will take to get any licenses and permits you may need to legally complete your project. Sometimes, this process may take significantly longer than you might expect.
Likewise, if you are planning on making structural changes, it is likely that you will need approval from a licensed architect and the city in which you are working. This too may be a waiting game.
Ample Research is Necessary
Make no mistake about out, flipping houses and remodeling fixer-uppers is far from a piece of cake. While you don’t have to be an expert, ample research is certainly required if you want everything to go as smoothly as possible.
While some aspects of home renovation are certainly better left to the pros, like electrical wiring, plumbing, and gas line installation for instance, not everything requires decades of experience.
Sometimes, a few home remodeling blogs, online tutorials, and conversations with hardware store staff can be enough to tell you everything you need to know about some of the lighter work. Even still, remodeling a fixer-upper is more than just light work, and that’s why you should…
Know When to Go With the Pros
People who envision a full-fledged fixer-upper home remodeling project are often ambitious by nature. That being said, it’s important to remain realistic about your abilities.
At Eagle Construction, we know that a successful project requires keen knowledge, organized scheduling, high-quality materials, flawless design and meticulous supervision, and that is exactly what we bring to the table.
To start working alongside the prs at Eagle Construction on your fixer-upper remodeling or home renovation project today, don’t hesitate to contact us at your earliest convenience!