Home Renovations can be for Adding Value for Comfort, Need or Reselling
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A fixer upper home is a property for sale that is in need of repairs, updating, remodeling, or other general maintenance or work. Fixer upper homes make great investments. Since these properties can typically be purchased at a discounted price, buyers are able to purchase them without putting a lot of money down. This cost-savings is often used to make repairs — by hiring a contractor or by funding DIY home projects.
Foreclosures can usually make great fixer upper homes. Already sold at anywhere from 10% to 30% below market value, buyers can negotiate even better discounts on fixer upper homes in need of a little work. No matter who you are, if you wish to hire a contractors to fix up the home for you, or DYI person, then a fixer upper home can help you save huge amounts on new homes or investment properties.
Reasons why Fixer Upper Homes are So Popular
- Lower Sales Price
Since fixer upper homes are sold for a discount, you can buy them for much less than they are potentially worth. Buying a foreclosure means getting an extra discount, and can create an even bigger margin for profit. When you buy a fixer upper home, you’ll have to put some additional money toward repairing or remodeling the home. However, with some good budgeting, most buyers may end up spending way less in total on a fixer upper home than it ends up being worth, and see profits of 30%, 45%, even 60% on resales.
- Less Competition
Fixer uppers aren’t for everybody. Many buyers these days just don’t want to put in any extra work than they have to. But if you’re the kind of person that enjoys a project, they can be perfect opportunities. Since there are fewer buyers out there, your chance of getting a truly low price is even better. This also means there’s usually plenty of time to negotiate, because there’s no hurry to buy them home before someone else does.
- Potential for Resale Profit or Flipping Homes
For buyers who want to maximize their potential investment profit, fixer upper homes are often to best answer. If you’re interested in flipping houses, the margins for profit are extremely high, and if you do some of the work on fixing up a home yourself, you’re earning equity and adding value to the home without spending a dime, except on supplies.
- Gaining Home Repair Knowledge for the Future
Ask any fixer upper buyer: once you buy one, you always want to buy another. Buyers learn so much when they buy fixer upper homes, about how a house is built, how to make repairs, and how to keep up a property, that every time you buy and fix up a home it becomes easier. Just one fixer upper project often earns you a lifetime of repair knowledge that you can use to make more investments in the future and better maintain your properties.
- The Personal Satisfaction of a Job Well Done
There’s no feeling quite like the feeling of satisfaction a home buyer has when they finish fixing up a home and get ready to move in, rent, or sell the property. Seeing the project through from start to finish and doing it yourself, while saving money along the way, is a pleasure like no other, and at the end, you truly have something to show for it. Not to mention the extra satisfaction you’ll get when you have the home appraised for 30% to 60% more than you paid for it!
Where do I start?
You start by seeking out properties that Portugal Real Estate Homes has listed. These homes will provide you the first hand opportunity to find what you want.
If you have decided that you are ready to renovate a room, revamp the decoration outdoors, or create organizational shelves for your storage building, then you have come to the right place. Explore our website to learn more about cheap ideas to help you save money in your next home repair or renovation project.
At the end of the day, doing it yourself can save you a lot of money while also providing enjoyment and a sense of accomplishment with the final outcome. Plus, this process puts you in the driver’s seat and puts your home renovation or construction project on your timeline instead of the contractor’s.
Regardless of whether you are renovating a foreclosure property or creating home décor for your existing house, learn more about DIY projects at portugalrealestatehomes.com
What to Look for in a Fixer Upper Home
Buying a fixer upper home in a good neighborhood or desirable location will make it very easy to sell once it’s fixed up. Be sure to look into the location of every fixer upper home you consider. Are property values in the neighborhood increasing or decreasing? Does the area have a growing population? Is there demand for real estate in the area? Do the local economy, school system, and other amenities add to the home’s desirability or value? All of these factors can have an impact on how much your home investment will grow in value, both when you finish the repairs and over the coming years.
- Configuration and Layout
Be sure to consider the basic structure of a home you plan to fix up. Does the property have a good floor plan, or are you going to have to knock out walls or make major structural changes to make it a good property? Sometimes, the more expensive repairs can really pile up. The ideal fixer upper home has a good ‘skeleton’. This means that you want to try to buy homes that have a solid foundation, basic layout and configuration, and structural integrity. By buying a fixer upper that had the basics, you can simply add on to them to improve the home, instead of having to break the home down further before you build it back up.
Judging a home’s condition is a huge part of choosing the right fixer upper. Never buy a fixer upper home that has more problems than you feel equipped to handle. This means making sure it has a sound foundation. Any cracks in a home’s foundation should turn you away immediately. The last thing you want is for your new home to turn into a ‘money pit’, a project that keeps requiring more money as you learn more things are wrong with it. The best way to avoid this is to hire a professional home inspector. These professionals will know exactly what to look for, and can often turn up hidden problems the average buyers would never notice. As long as you plan ahead and foresee every potential cost, you’ll be in good shape to separate the average fixer upper homes from the great ones.
Valuation of Repairs vs Payback
Fixer-Upper Repair Estimates
A huge part of buying a fixer upper is being able to foresee costs before you buy and make general estimates as to how much the property will cost to repair, remodel or fix up. Many buyers choose to hire professional contractors to make assessments and estimates of how much the work will cost. But any buyer should know how to distinguish low-cost, easy fixes from harder, more expensive ones. Below is an introductory list to give you an idea of what can be considered small and major fixes.
Budget for Renovation Costs
When you first tour a house, you have to think about what you’d like to change and what needs to be done. By the time you walk back out the door, you should have already a preliminary idea of what the renovations might be and from there, try calculating some of those costs. When deciding on buying, you have to have factored in all your costs in the overall budget. If you’re unsure about the costs, have us offer you an honest estimate. It’s essential that you know what you’re getting into.
Some Basic Fixes
Generally, all fixer upper properties are going to need a fresh coat of paint, usually both indoors and out. This may include stripping existing paint or wallpaper, but the good thing is that almost anyone can paint the interior of a house. Some choose to hire professionals for the exterior, but the cost is usually not too great. In many cases, windows need to be replaced or updated to be energy and heat efficient. The same goes for doors. These are small expenses that can make a big difference in the overall value and marketability of a home.
Then there are the home’s fixtures and amenities. Updated kitchens always have a big effect on the value of a home, so looking into getting new cabinetry or sink can be important. You may also want to install or replace trim for the walls in the rest of the house, or lintels for doorways. Updating or replacing light fixtures is another common expense. Modern lighting can have a great effect on the home’s overall value and appeal. Some may even consider upgrading the home by adding amenities like an outdoor deck or patio.
Generally, speaking, the smaller, inexpensive fixes are the kinds of things that can be considered ‘cosmetic’. They make take some work, but they won’t require you to greatly alter the house’s backbone or structure. They are also usually the things that go a long way in making the home more visually appealing.
A common big fix that some fixer uppers need is new plumbing and sewer lines. Unfortunately, this is the kind of fixer upper job that many people need to hire a professional to do. It’s important to get the plumbing work right the first time, especially when dealing with how your home connects to the sewer system.
However, some buyers choose to learn to do this job on their own, and can be successful. But if you buy a property in an area that gets a great deal of rain and very dry, you’re going to want to make sure you get these repairs done correctly to avoid further damage to the rest of the home.
Many fixer uppers will need to update electrical systems as well. Electrical work tends to worry some buyers, so be sure to judge how extensive the work will be and whether or not you’ll be able to make a few small fixes yourself or whether you’ll want more major work to be done by an electrician.
Another costly repair is when you decide to entirely remodel a kitchen, bathrooms and floors. Changing countertops, flooring, showers, toilets, and other similar changes can add up quickly. However, the good news is that these are the kinds of jobs that are perfect for homeowners to do themselves. They don’t necessarily require technical or specialized knowledge, just the patience to learn the craft and to do a little carpentry. These days there are the major Bricolage stores that have everything for a person to do things on their own and with a little help from them too.
Are Fixer Upper Homes for You?
Now that you know what goes into buying fixer upper homes and handyman specials, you can decide if a fixer upper home is right for you. Remember, some homes will need much less work than others, and you can gauge how much work you’re willing to do. But it’s important for buyers not to just rule out a home that might need a little work, since their additional savings you stand to gain often really makes it worth it. Try searching our listings of fixer uppers and handyman specials to see what’s available in your area. The best way to decide if a fixer upper is right for you is to check out what’s out there by checking our database at Portugalrealestatehomes.com
Do It Yourself (DIY) Home Projects
Whether you are purchasing a new home or investment property, or you are looking to spruce up your existing house, then you may wish to take advantage of do it yourself (DIY) projects- especially if you are looking for renovation projects that are perfect for those on a limited budget.
Here you will learn all you need to know about home projects that you can do yourself in addition to the advantages.
Determining What You Can Do
Before you start your home renovation project, you should first determine if what you are looking to do is something that you can do yourself or if you should hire an expert. For example, if you do not have electrical experience then it may be best if you avoid lighting; on the other hand, there are a lot of things that you can do yourself if you have the time and will save you money by not having to hire a contractor.
For example, there is a surplus of DIY home décor ideas that are not only incredibly cheap, but can be done by just about anybody. The following are some of the most common and easiest DIY home repairs:
- Replacing light switches
- Patching cracks in concrete
- Repairing gutters
- Refinishing decks
Therefore, hiring someone for one of these projects or purchasing the home décor items instead of making them yourself often costs a lot more. If you are looking at fixing up a distressed property for personal or investment purposes, do what you can yourself and only hire a contractor when the task exceeds your abilities.
5 Simple ways to help you find the perfect Fixer-Upper
On the hunt for that elusive diamond in the rough? Real estate wizard Randy Florke shares his top tips on buying a fixer-upper.
When scouting a property, which qualities catch his eye, and what are the red flags that make him walk away? Read on for pro tips on buying a fixer-upper.
- Location, Location, Location
“If a house has an amazing location, there’s almost nothing in the way of renovation hurdles that get in my way,” Florke says. “My dream location is all about privacy. I love a house that’s set back from the road. If it’s also got a great view or a water feature, such as a pond or creek—those are both bonus features.”
- Focus on Roofing and Foundations
Issues with roofs and foundations often scare off potential buyers, according to Florke, but if you adore the house, ask a contractor to take a closer look. “I’ve bought many houses with both of these issues,” he says. “Provided the cost to fix them properly is within your budget, it could be a great opportunity.”
- Know Where to Draw the Line
Repairable roof and foundation problems aside, Florke would pass on an old home with termites or significant rotting. “If a roof has been left in disrepair for too long, a house will rot from the inside out. That’s not worth an investment.” But don’t rush to dismiss the land on which the tear-down is sitting. “It you’re in love with the location and your budget allows, you can raze the old house and rebuild a new one in a similar style.”
- Stay Positive
If you’ve found an old home you feel is perfect for you but have reason to believe the renovation costs will not realistically fit into your budget, “walk away,” Florke advises. “There will always be another house to fall in love with.”
From the beginning, you will be advised every step of the way. We provide all aspects of custom home remodeling and custom fabrication: the design process, permitting, all phases of construction, and finally, successful completion of the project. Depending on the project- renderings, layouts, and specific communication tools will be addressed at our initial meeting. We will then develop the best possible design and construction approach to your project, with customer service being as important as the final product.
We help take project from conception to completion because we are knowledgeable in all aspects of the construction and remodeling processes.
You can have as little or as much input as you want. Bring in a notepad of the styles you like, or come with an open mind. We will guide you through the entire process through our easy 1-2-3 process.
We cater to a clientele that enjoys customer service, attentiveness, and superior attention to detail on every level.
Going the design + build route allows you to avoid all the managerial and legal risks of being placed directly between all parties in a remodel. We take on the burden and responsibilities associated with dealing with the applicable parties in the construction process. Just sit back and let us guide you through your remodel or custom piece, resulting in a shorter amount of time for construction as well as a reduction in costs to you.
The Cheapest Ways to Boost Your Home’s Value
Clean Your Home Before Selling
Your home simply cannot be too clean to sell. Invest in a deep cleaning, either by using your own elbow grease or hiring a professional cleaning service. In addition to the regular cleaning chores of dusting, vacuuming, and mopping, be sure to tackle rarely cleaned areas including vents, baseboards, cabinets, blinds, and doorknobs. Steam-clean the carpets, wash the walls and windows, and replace any broken windows or screens.
Improve Your Kitchen
One of the things buyers look for above all else is a great kitchen—but remodeling your own can cost a lot. Instead of a complete overhaul, change out the little things. Ugly cabinets? Paint, new hardware, or even resurfacing costs less than a full replacement.
You may love your red walls but chances are that a prospective buyer will not. Add a fresh coat of interior paint in a neutral color, such as white, sand, or putty. A semi-gloss paint will make the walls seem brighter; an eggshell finish can be used to hide minor imperfections, such as drywall dents or small plaster cracks.
Lighten and Brighten
Junky light switch and outlet covers can age a home, so install new ones to upgrade your space. Consider dimmer switches but first make sure that your existing electrical wiring can handle it. Be sure to turn off the main electrical power to the room before doing any work on an outlet or switch
Power washing can transform the exterior from bland to beautiful and increase the overall curb appeal of your house. So, use a power washer on your home’s exterior siding, sidewalks, driveways, and decks. If you don’t own one, you can rent a powerful unit from a local hardware store, or hire a power washing firm.
Pruning and Potting
Good landscaping signals to buyers that a home has been well maintained. But new shrubs, sod, and other plants can really add up. Focus on pruning the shrubs and trees you already have and clear away patches of unsightly overgrowth. Grouping potted plants around the entryway is a great way to add attractive color, but costs less than hiring a landscaper to redo your yard.
Replace the Doors
Enhance the exterior appearance of your home by replacing entry doors, screen doors, and garage doors. If you can’t afford to replace the whole door, upgrade the hardware. Even that small change can make your doors look like new. If your doors are in good shape, give them a good power washing or a nice coat of paint to freshen them.
Check for Hardwood Floors
Hardwood floors are a very desirable feature—and they’re often hiding right under your wall-to-wall carpeting. Pull up a small corner of the carpeting in an inconspicuous area to check the condition of the floor. If there is hardwood underneath, you can remove it and restore the original floors—much more cost-effective than replacing the carpeting or installing new floors.