If for financial and other reasons you’re planning on buying a fixer-upper, it’s good to proceed with a solid plan in place. This is because there are many considerations to make as far as time and financial investments go. Keeping in mind that your credit score comprises 30% of your outstanding debt, read on to see how you can save money when buying a fixer-upper and avoid getting further into debt.
Plan in Advance
Proper and thorough planning is the key when working with a fixer-upper. This is because, as mentioned, you will need to make sure that you have the time to take on the project in the first place. Make plans of how you will work on your home without negatively impacting other areas of your life so that you maintain proper balance. Planning the details in advance will help you know how much money you need to set aside for the project as well as how long it will take from start to completion. This will help you avoid getting your entire life into disarray and ending up not having any tangible benefits from buying the fixer-upper in the first place.
Make Sure You Have the Time
As mentioned, time is an important thing when it comes to getting a fixer-upper. Whether you are DIYing or working with a professional, you will still need to set aside time for the project. This is because professionals will need you to guide them on the results that you hope to achieve. Depending on the extent of the fixes that you need to make, there may be different timespans for different upgrades. The season and your finances will all play a role in how fast you can take things, with certain seasons like summer being better for more work in general terms. If you have the money you need, you can avoid stalling while sourcing finances, so make sure that you have secured your finances before you start the project.
Know What to Prioritize
Everyone who has worked extensively on their home knows that not all projects are created equally. It also goes without saying that certain projects will be more important to get done than others. The roof, for example, may need to be prioritized if it’s one of the things that need fixing. RoofingContractor shares that metal and single-ply roofing materials accounted for 52% of the total sales revenue in 2021 for roofers. This shows that these roofing options are the most widely used, and facts like these can enable you to make a good decision as far as the materials that you will use. Consult with a professional whenever possible to ensure that you’re on the right path at all times.
Know Your Limits
Finally, you may be eager to create the home of your dreams all by yourself and even have some DIY know-how to boot. All the same, it’s prudent to know how much you can reasonably take on and what you shouldn’t dabble in. Eliminating costly guesswork will save you not just time, but money as well because you won’t have to get anything done twice. Keep your safety and ability in mind so you know what your limits are and don’t get in deeper than you should. You may need help with things like a home energy audit, which is the first step to take if you want to improve the energy efficiency of your home. Energy efficiency upgrades identified in this audit can save you between 5% and 30% of your monthly energy bill while also keeping your house safe and healthy.
Follow this guide to save money when buying a fixer-upper, and it may be the best decision you make for your home.