Those who are considering the purchase of a fixer upper in South Carolina are making a smart choice, if they do things properly. Purchasing a fixer upper can save you a lot of money, teach you a lot during the renovation process, and allow you to personalize the home. But what should you look for when buying a property that's going to need some TLC? Read on for advice that will help you make an educated and appropriate decision for your life . . . and avoid any money pits.
Calculate Cost of Repairs
Before making an offer on a home, you'll need to calculate the cost of repairs. Find a good home inspector in the area and have them look at the house to determine what needs to be repaired, and how much that would cost to do properly. When they walk through, go with them so that they can explain things along the way.
If the house in question is an older home, make sure that the inspector that you choose has adequate experience with and knowledge of structures in that age range. A person who only specializes in modern constructions may be inclined to think that everything in an old home needs repair. Also, have the contractor that you've selected walk through the home so that they can create a written cost estimate for the work they intend to do. If planning on doing the majority of the work yourself, you should calculate the cost of supplies that are needed to complete the project.
Always factor in an extra twenty percent for additional repairs, as unexpected problems have a tendency to pop up in old homes.
Up for the Challenge?
You'll need to decide what you can do yourself and what needs to be handed over to professionals. Improvements such as painting and wallpaper removal are simple enough to handle, but other things like electrical work and plumbing may be over your head; these issues need to be considered before purchasing the home.
Do You Have the Time?
Also, you need to seriously consider whether or not you have the time to do the job. Are you in a position where you can take time off of work to fix the house up? If not, do you and your family mind living in a space that is being renovated for an extended period of time, since you can only work on the home on weekends? Lots to consider here.
Purchasing South Carolina real estate can be an exciting and fun process, but you'll need to make sure that the fixer upper you choose is worth your while. With the right purchase, your hard work will pay off and you can turn the lackluster house that you bought into a lifelong home.