5 Things to Keep In Mind before Buying a Fixer-Upper
Home improvement projects are necessary for a variety of reasons. If you’re in the market to buy a fixer-upper, you need to make some tough decisions and undertake some time-consuming tasks to ensure a high return on investment.
While this type of investment has the potential to deliver huge returns in the long run, you have to make sure that you have enough resources to complete the required home improvement tasks. Therefore, before investing in an existing property, there are a few things you have to consider. Let’s take a look:
1. Check If the Basic Components of the Home Are In A Decent Shape
Ideally, the home should be in perfect shape when it comes to buying a fixer-upper. But, seldom does that happen. Even if you think that performing some minor repairs or applying a fresh coat of paint would be enough to restore the property, you might be terribly wrong. The major repairs are the ones that you may not be able to observe at first. Some subtle roofing issues such as the formation of mold and lack of attic ventilation may lead to serious problems in the future that can cost you a lot of money if left attended. Hire an experienced roofer to examine the home properly.
2. Is the Home Energy-Efficient?
If the home is old, probably it will not be as energy-efficient as most modern homes. A good way to determine its energy efficiency is to rope in a home auditor. They will also help you find out ways to reduce your energy bills by including some affordable features. This could involve using new window technologies to replace existing windows, changing the color and type of paint, roofing material, or even installing modern furnaces.
3. Check for Pests
If the home has not been maintained properly, it could be a breeding ground for pests. Apart from being annoying and even harmful to health, pests can damage the structure of your home over time. In this case, your home inspector will check for any existence of pests, their severity, and the damage they have caused. Include this step in the cost and financial planning of your fixer-upper.
4. Be Aware of the Local Codes and Laws
If you are not aware of the codes and laws of the place from where you are buying the property, you need to be very careful. Firstly, make sure to check them out as they can influence different zoning codes, restrictions, requirements of building permits, preservation requirements, and so on. You can either hire a local lawyer or simply talk to the neighbors to understand these laws better.
5. Budgeting For a Home Improvement Project
This is probably the most important step and something on which your entire project will depend. You must identify all the direct and hidden expenses before embarking on fixer-upper renovation. Furthermore, if you’re planning to sell your home, make sure to calculate the After Repair Value (ARV). This value is usually calculated by considering the sale price of similar properties in the neighborhood. Lastly, make sure you plan the budget with experienced professionals that can also help you prepare for any potential contingencies.
James Russell Roofing: Get In Touch With the Leading Home Improvement Experts
Looking to start a home improvement project? You can count on the experience and expertise of James Russell Roofing. We are one of the most trusted roofers and home improvement experts in the area. Call us today at 901-808-8320 to speak to our experts. We will also provide you with a no-obligation estimate and a FREE in-home consultation in Millington, and Memphis, TN.