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INTERIORS INSIDER
fixer-upper it’s smart to include Be realistic about the timeline
Tips for buying a

One common pitfall with fixer-
a 10-20% buffer for
uppers is underestimating how
property unexpected costs... long the renovations will take. It’s easy to
assume things will go quickly, but delays -
such as waiting for materials or dealing with
unexpected repairs – are inevitable. Setting a
realistic timeline and preparing yourself for
it to take longer than expected will help you
Location, location, location stay sane and keep the process less stressful.
Location matters, even with a fixer-
upper! The right neighbourhood can Think about your long-term
boost your home’s value after renovating, but plans
if the area is declining, it could be tough to Ask yourself what your long-term
recoup your investment. goals are. Are you planning to live there for
years, flip it for a quick profit, or rent it out?
Planning to buy a project home? We share our top tips for ensuring Do some research on the neighbourhood, Your answer will shape how you approach
your renovating journey goes as smoothly as possible looking at recent house price reports, school the renovation.
catchment areas, and future developments.
Buying a fixer-upper in a good location can be If you’re flipping it, you’ll want to focus
long with the obvious advantage Know your budget (and add a one of the best investments you make. Handy on upgrades that boost resale value, like
of purchasing a more affordable cushion) tip, look for the “worst house on the best street”. updating the kitchen and bathrooms. But if
A property, buying a home in need of First things first, figure out what you can you’re going to live in it long-term, you can
work can give you the opportunity to really spend. You’ll need to think about more than just Handle the big repairs first prioritise personal touches and comfort.
put your stamp on a property. Although it the price of the house - it’s smart to include a 10- It’s tempting to jump straight into the
can be a rewarding experience, buying a 20% buffer for unexpected costs, because let’s fun stuff like painting and picking out
fixer-upper property comes with its own face it, something always pops up. Also, look into new light fixtures, but before you do that, take
challenges. If you’re thinking about tackling specific mortgages designed for fixer-uppers and care of the essential repairs. Things like fixing the
a project home, here are some helpful tips renovations, which lets you borrow for both the roof, foundation issues, plumbing, and electrical Wrapping it up
to make sure the process goes smoothly, house and the repairs. systems are vital for the safety and stability of
and you end up with a home you love and the property, and you definitely don’t want to put Buying a fixer-upper is
can afford. Study the Home Report them off. Once these are sorted, you can move a great way to purchase a
A fixer-upper is bound to have some on to the more exciting upgrades. property at a lower price while
issues, but knowing what you’re really customising it to your liking. But it
getting into and understanding the Home Report Decide what you can DIY (and takes careful planning, budgeting,
of potential properties is crucial. Your solicitor what you can’t) and patience. With the right
estate agent can help you understand the Home If you enjoy handywork, doing some of approach, you can turn a fixer-upper
Report, and highlight issues that aren’t always the renovations yourself can save money. But be into the home of your dreams or a
obvious at first glance. honest with yourself about what you can handle. great investment! Just remember
Simple tasks like painting are great DIY projects, to keep your expectations in check,
It’s worth considering specialists, such as but leave the electrical work and plumbing to hire the right pros for the tough jobs,
plumbers or electricians, to give you a better idea the professionals – they may cost more upfront, and always have a backup plan for
of what repairs will cost. This way, you won’t be but will save you from expensive mistakes - or those inevitable surprises.
hit with nasty surprises down the road. worse, unsafe conditions.

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