Are you getting ready to buy a home? If so, you might be thinking about putting offers in for
fixer-uppers to save money upfront. If you’ve decided that buying a fixer-upper is right for you,
you’ll need to be prepared for the buying and renovation process. Working with a real estate
team like The Gordon Group could be the ticket to closing on a fixer-upper with great bones,
and these tips will help you purchase your home and start renovating!
If you plan to buy a fixer-upper, you probably know that a home in need of major renovations will
be cheaper; therefore, your down payment will be smaller — and you might even be able to buy
it in cash! However, you’ll need to prepare for hefty maintenance and repair costs. To save
money for your down payment and renovations, reduce any unnecessary spending and start up
a side hustle to boost your income.
The Buying Process
Before you begin house hunting, you’ll need to gather the appropriate documents to get pre-
approved for a mortgage. This will help you finalize your budget and make more attractive offers
You’ll want to work with a reputable real estate agent, but if you want more support, consider
choosing a real estate team instead — The Gordon Team should be your go-to when looking for
properties in West Michigan. When you attend viewings, pay close attention to the condition of
the home, and make sure to read over your inspection report carefully. You want to have a clear
picture of everything you’ll be responsible for repairing before you move in.
Prioritize Certain Upgrades
Once you’ve received the keys to your home, you’ll probably be excited about renovating your
new property. But which upgrades should come first? If you need to address any structural
issues with your foundation or roof, tackle these projects as soon as possible. Later, you can
focus on upgrades that will boost your home’s value. For instance, Redfin states that installing
hardwood floors, new kitchen appliances, and quartz countertops can make your home more
attractive to potential future buyers.
You might be able to tackle some projects on your own — for example, Bankrate recommends
repainting your cabinets, adding a kitchen backsplash, and replacing your faucets on your own.
However, for larger projects, it’s best to hire contractors.
In order to make sure that you’re hiring reliable contractors, you’ll need to do your research. Ask
your loved ones for their recommendations, and try specifically reaching out to friends and
relatives who have also remodeled fixer-uppers. When you do get in touch with a few
contractors, request their estimates to compare prices and check out their portfolios to peruse
examples of their work. You may need to modify your daily routines if you want to live in the
home while the contractors are working.
Stay or Sell?
Once you’ve finished up with your planned renovations, you might be wondering whether you
should stay in this home or sell it for a tidy profit. It all depends on where you see yourself living
five to ten years from now. If you love the area and want to stay put, don’t start thinking of your
home as an investment right now; think of it as a place to live and make happy memories! But if
you want to live in a larger home in a different neighborhood, you can sell and use the profits to
buy a new primary residence.
Buying a fixer-upper brings its own challenges. But if you’re ready to put some work into your
new home, it can be a great choice! Buying a fixer-upper can allow you to save money and
customize your home to suit your needs.