The Simplest Ways To Ensure Maximum Return On Your Fixer Upper Investment
The Simplest Ways To Ensure Maximum Return On Your Fixer Upper Investment. Buying a fixer-upper isn’t for the faint-hearted. You may need to underpin foundations, reconnect utilities or knock down and rebuild. However, the joy of a fixer-upper is that it gives you the opportunity to put your own mark on a project. Forget simply moving in and giving each room a lick of paint and maybe a new carpet. You will be renovating to the max to get the home of your dreams and hopefully outperform the market in the process.
You don’t want your derelict shell of a property to become a money pit so you will need to budget carefully and have an adequate contingency should things go awry. It’s not unusual with fixer-uppers for many nasty surprises to rear their ugly head. The tiles on the roof may have looked sound, but a leak in the attic space may prove otherwise. Take a look at how you can ensure a maximum return on your fixer-upper investment.
Plan
Before you lift a finger in the house, you need to make a plan for every single room. Budget for everything from the big-ticket items such as kitchen cabinets and heating to the small fixtures and fittings like screws and sealant. It’s vital that you get an accurate picture of what you may end up spending. Within each room, draw a simple diagram detailing color schemes, furniture, structural changes, and any remodeling needed. By ensuring you have the bigger picture of renovations, you can create a more cohesive home.
Outsource
Although it may sound counterintuitive if you are considering renovations on a budget, it can actually pay off to outsource your project to a home remodeling contractor. These are experts who know the ins and outs of installing new kitchens, laying bespoke flooring, or supplying energy-efficient glazing. They will use your plans and designs to help you create your humble abode. As they are specialists in their field, they’ll get the job done quickly, without fuss, and on budget. All you have to do are the exciting bits like picking out the cushions, putting up some artwork, and choosing your new sofa.
Stay On Trend
Although this is your home, it is still a good idea to remain relatively on-trend. That’s not to say you should stay safe with cream magnolia walls, a shaker-style kitchen, and a brown leather sofa. However, if you’re looking to sell in a few years’ time, don’t opt for the shocking pink bathroom suit, the floral flock wallpaper, and the patterned carpet. Use interior design blogs, local showrooms, and social media to inspire your decor ideas. Make sure you focus enough on your kitchen and bathroom as these are the spaces that sell homes if and when you come to put your pad on the market.
If you are in the process of purchasing a fixer-upper, be sure to follow this advice to ensure that you maximize the return on your investment and create your dream home.