Product discount

Is buying a Fixer-Upper home right for you?

Are you a frequent viewer of home improvement shows? Is your Pinterest board full of house flipping ideas? Or maybe you have a folder full of Instagram saved reels that makes flipping that bus into a house so easy in less than a minute? Then you are probably looking for a repairman. But a 60-second quick reel, an edited TV show, and the quick before and after pictures don’t show everything in between.

Before you go down the reverie route with farm sinks and demo day aggression release, you might really ask yourself if this type of endeavor is reasonable for your specific situation.

The above repairers have attractive property prices. Especially in the recent market, a fix should not be purchased without a qualified professional making a visit to determine the exact renovations the home will need to make it livable. This will help you make a reasonable estimate of the additional cost you would have to invest on top of the sale price, as well as a schedule of how long it would take to complete the necessary repairs.

Does your military lifestyle of frequent moves and high operational tempos leave you time for DIY?

The next step is whether you will do a warrior job on the weekends or hire experts to do the job. If you do the work yourself, it will save you money, but it may take longer to complete the job due to your work schedule. If you have to hire the work, you will be at the mercy of contract worker delays and higher costs. Be honest with yourself – do you have the skills, time and financial capacity to do a repairman?

Can you maintain your normal quality of life while living in a state of incompleteness during the renovations? Is it safe for you and your family to do this?

This time consideration might be the most important beyond cost. Can you live comfortably in the house before the transformation is complete? There’s a big difference between updating some flooring room by room and gutting your kitchen and bathrooms for a project that could take months.

All in all, there are benefits to taking on such a home project! The first reason people think about the most is the potential profit made when you sell the house in the future. If you actually buy the worst house in the neighborhood and turn it into something awesome, you can earn a huge payout when you sell. There’s also potential customization, but remember that if you’re selling the house, whatever customization you do should appeal to a wider audience. There is also the pleasure of working hard and the satisfaction of completing a meaningful project with your own hands.

There are five factors to consider when considering a repairer:

  • Determine the actual amount of work to be done.
  • How much do these repairs and renovations cost?
  • Determine what skills you will be able to offer.
  • Determine the timeline for the renovation and whether your family can make it work.
  • Determine if you will at least break even financially.

This article originally appeared in the Millie Journal.

Find a VA Loan

Our VA loan finder can match you with up to five rate quotes from different lenders. Check it now!

Show full article

© Copyright 2022 MILLIE. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.