Now You’ve Bought A Fixer-Upper, What Comes Next?

Now You've Bought A Fixer-Upper, What Comes Next?

When you purchased your fixer-upper, you must have had some inclination to fix it up. What you’re going to do with it afterwards can be decided at a later date, but for now you need to get it up to standard so that someone can live there, whether it’s you or someone else. But, how do you go about this? If you’re not sure, then it’s a good thing that we have some knowledge in the area. In this article, we’re going to be taking a look at some of the things that you should do now that you have purchased a fixer-upper. Keep reading down below if you would like to find out more about this.

Have A Vision

The first thing that you are going to need to do is have a vision. We’re sure that you have already got one based on the fact that you deigned to purchase the property in the first place. Fixer-uppers aren’t exactly the best looking houses on the market, but you’ve got to have vision so that you can see it for what it could be, rather than what it is right now. Having a vision will help you to create a stunning property by the time that you are finished.

It’s important to understand here that it is okay to not have the full vision laid out in front of you right now. You are still in the very early stages of owning this property, and there is no rush to get things done right away. If you want to take some time, go into the property and check that it is what you thought it would be like, what you want to do with it and so on, then take the time to do this.

Call In The Experts

Now You've Bought A Fixer-Upper, What Comes Next?

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Once you have some kind of idea in mind as to what you want to do, that’s when it’s time to call in the experts. You are going to need a range of people coming to see the house before you can even hire contractors to begin on any work. For example, one of the most important services that you are going to need is that of building surveyors. They are going to need to check the property for damage, issues with the foundations and other things like this to be sure that the property is safe to work on to start with. If it’s not, then you’re going to have to spend time and money working out how to get it safe.

Calling in the experts will give you a good idea as to where you stand in the grand scheme of things. It will either confirm what you thought you knew, or it would give you a new dose of reality. Either way, you have got to know so that you are able to move forward.

Sort Out A Budget

Now that you know what you’re working with foundation wise, and now that you have some kind of vision when it comes to what you want to do, you can start sorting out a budget. Think about how much money that you have available, and think about how much of it you are willing to spend on this renovation of the property. It tends to be the case that if you’re going to live in it yourself that you are more willing to invest in it, but you also want to see a nice return if you decide to sell or rent it.

Sit down with some of the experts and work out how much you are looking at realistically. This will help you make decisions down the line, guide some of the trickier choices as the budget may not even allow for certain things. Just make sure that you have your budget sorted, and then have another number a little higher that is the absolute maximum that you are willing to spend.

Start Getting A Plan Together

Now You've Bought A Fixer-Upper, What Comes Next?

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As soon as the budget is sorted, you can start getting some kind of plan together. Think about where you want walls knocked out, what you want each room to be, what needs updating and so on. All of this is going to take quite a while to sort, so we recommend blocking out a good amount of time to dedicate to this. If you have been doing this kind of thing for a while now, then you might be able to come up with some kind of guiding timeline as well, but this is not necessary so don’t panic if you are unable to do so.

Everything will feel better once the plan starts forming. Consult experts on certain areas and see what they have to say, and then look at what materials you want and so on through the house. Ensure that this matches up with your budget, and then you’re good to go.

Hire Contractors

There’s a plan and a budget, which means that you can start hiring people to make your vision into a reality. Look into people for the plumbing, the electrics, any foundation work that needs to be done, design experts, structural engineers and so on. You will know what you need based on all of the information that you have gotten up to this point, and you have your budget which shows what you can and cannot afford.

Before you hire anyone, make sure that you have spoken to a member of the team and looked at reviews from previous clients. It’s easy to lie online, but past customers will have no reason to do so.

Hopefully, you have found this article helpful, and now see some of the things that you have got to do now that you have purchased a fixer-upper. This project can turn into one of the best things that you have ever chosen to do, or it can turn into your worst nightmare, but it’s all about how you handle it. We wish you the very best of luck, and hope that you manage to create something spectacular from this.

Now You've Bought A Fixer-Upper, What Comes Next?
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Now You've Bought A Fixer-Upper, What Comes Next?
BDC August 2022 issue - 295

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