You Bought a Fixer-Upper. Now What?
If you’re a fan of HGTV’s “Fixer Upper,” there’s a good chance you’ve caught yourself dreaming about how you might customize an outdated house bought at a rock-bottom price.
You don’t have to be a home improvement TV show junkie to be intrigued by houses on the market that aren’t exactly move-in ready. Especially if it means saving on the purchase price of a house, many homebuyers are inclined to take on renovations and updates to get the keys to a new home.
In a February survey of 1,000 consumers considering purchasing a home in 2017, online brokerage Owners.com found 51 percent of the homebuyers surveyed would consider a fixer-upper.
But if you don’t have an eye for home improvement and what it costs – and Chip and Joanna Gaines aren’t walking you through the process – you might find yourself lost once you’re the owner of a house with ’70s wallpaper and holes in the stairs.
Here are nine things to do once you’ve purchased your fixer-upper.
Close first, then go in-depth with contractors. Home improvement shows like “Fixer Upper” and “Property Brothers” often depict homebuyers touring potential buys with the real estate agent-contractor team, but that’s not usually the case in real life.
Most design-and-build firms or construction companies work separately from real estate agents and will want to put in the work with existing homeowners, rather than those who haven’t yet bought a property.