{"id":5562,"date":"2017-08-02T23:00:16","date_gmt":"2017-08-02T23:00:16","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/10-things-to-consider-before-buying-a-fixer-upper\/"},"modified":"2017-08-02T23:00:16","modified_gmt":"2017-08-02T23:00:16","slug":"10-things-to-consider-before-buying-a-fixer-upper","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/10-things-to-consider-before-buying-a-fixer-upper\/","title":{"rendered":"10 things to consider before buying a fixer upper"},"content":{"rendered":"

<\/p>\n

\n

Have you been inspired by The Block <\/em>and Grand Designs<\/em> and harbour dreams of buying a rundown property, preferably in a good neighbourhood for below market price, and transforming it into your dream home? <\/strong><\/p>\n

Before you take the plunge, make sure you tick off the top 10 things to consider before buying a fixer upper.<\/p>\n

\"buying<\/p>\n

Renovation projects\u00a0always take longer than you expect. Picture: Getty<\/p>\n<\/div>\n

1. Time<\/h2>\n

Anyone who\u2019s ever tackled a renovation project will tell you renos always take longer than you expect. Overhauling a fixer upper is at the extreme end of the spectrum, so first up you should realistically assess whether you have the time to take on the task.<\/p>\n

2. Scope of work<\/h2>\n

Next, work out what you\u2019re getting yourself into and consult a professional to determine whether the property requires a cosmetic or structural renovation. \u201cStructural renovations are generally more expensive so consider whether this will be financially worth it,\u201d builder Scott Manuelle advises. \u201cRearranging layouts and updating the house is easier to achieve on a budget.\u201d<\/p>\n

\"renovating<\/p>\n

Determine whether the property requires a cosmetic or structural renovation. Picture: Getty<\/p>\n<\/div>\n

3. Structural issues<\/h2>\n

Structural issues can quickly blow out your budget and turn the property from a potential fixer upper to a condemned knock down. Invest in a pest and building inspection \u2013 if structural issues exist and you decide to proceed, you can use the report to negotiate a better price.<\/p>\n

4. Council restrictions<\/h2>\n

There\u2019s no point buying a fixer upper in an area where council restrictions would prevent you from achieving your vision. \u201cCheck your contract of sale prior to purchasing as this may show any easements through your property, which will have restrictions on building works,\u201d Manuelle suggests. \u201cSpeak to your council town planner and find out the restrictions your property may have. Trees on the property may also pose a risk to building as these may require council permission to remove \u2013 depending on the species and size, this may not be possible.\u201d<\/p>\n

5. Budget<\/h2>\n

\u201cTo get a realistic idea on a budget, it is best to contact your tradespeople, most importantly your builder,\u201d Manuelle says. \u201cIt\u2019s easy to underestimate the work involved when you are not in the industry.\u201d And be honest with yourself: Is the cost within your budget?<\/p>\n

6. Practicalities of living<\/h2>\n

A factor often overlooked in most renovations is where you and your family will live during the process. If you\u2019ve sold your previous home, you will have to consider renting \u2013 and add the cost to the overall budget \u2013 or moving in with family, which may raise its own issues.<\/p>\n

7. Be flexible<\/h2>\n

Manuelle suggests: \u201cWrite a list of do\u2019s and don\u2019ts or compile a mood board for the house so you can reflect back during the renovation to make sure you are keeping to your vision for the property \u2013 however, be open to suggestions along the way.\u201d<\/p>\n

\"couple<\/p>\n

Write a list of do\u2019s and don\u2019ts or compile a mood board to make sure your vision stays on track. Picture: Getty<\/p>\n<\/div>\n

8. Emotional cost<\/h2>\n

Renovations and stress seem to go hand in hand. To minimise stress, Manuelle recommends establishing a good working relationship with your builder and maintaining open communication throughout the process.<\/p>\n

9. Contingencies<\/h2>\n

Despite your meticulous planning, be prepared for things to go wrong and set aside a contingency fund to deal with it. A 10% contingency in your budget usually covers unforeseen costs.<\/p>\n

\"structural<\/p>\n

A 10% contingency in your budget usually covers unforeseen costs in renovating. Picture: Getty<\/p>\n<\/div>\n

10. Neighbourhood expectations<\/h2>\n

Whether you intend to keep the property or sell it down the track, it\u2019s wise to ensure you don\u2019t overcapitalise or create a home that is completely out of step with what buyers in the area are prepared to pay for. Consult a local real estate<\/a> agent to ensure your plans for the property are in keeping with what buyers expect.<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Have you been inspired by The Block and Grand Designs and harbour dreams of buying a … 10 things to consider before buying a fixer upper<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[695,1403,516,205,12908,543,617,251,41,818,84,385,1002,645],"class_list":["post-5562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-agent","tag-buy","tag-estate-agen","tag-estate-agent","tag-home","tag-home-buying-guide","tag-house","tag-local-real-estate","tag-property","tag-real","tag-real-estate","tag-real-estate-agent","tag-renovations","tag-renting"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/buying-fixer-upper-what-to-consider_2000x1500-1024x768.jpg?fit=1024%2C768&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":400,"url":"https:\/\/amazingproperty.com.ng\/blog\/fastest-strategy-to-make-money-in-real-estate-investing\/","url_meta":{"origin":5562,"position":0},"title":"Fastest Strategy To Make Money In Real Estate Investing","author":"Amazing Property","date":"February 10, 2024","format":false,"excerpt":"Discover the secrets to successful real estate investing and learn how to make money. 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