A while back, I was asked about my favorite type of project, and homes that need renovations really speak to my heart. Whether it’s a cosmetic update or a structural overhaul, these homes have so much potential as they wait for their next chapter.
Every home tells a story, and every owner adds to that story. Quite often I will find myself in one of these older properties thinking about all of the people who came through that tired front door before me. Or the number of children that sat on the front porch over the last 100 years. The celebrations that took place in the family rooms at the holidays, or the heartache experienced when loved ones were no longer present for those gatherings.
Fixer upper projects aren’t for everyone, but in my experience they present some one-of-a-kind experiences that are second to none. I have put together some pros and cons for these types of homes, in case you are thinking of taking one on yourself.
Let’s start off with the positives…
Blank Canvas: This is your chance to be the designer your Pinterest account knows you can be! From paint colors to bathtubs, you get to put your own stamp on all of it!
New Chapter: With a few of your updates, these homes can be ready for their next 100 years. Your expertise and design choices could be enjoyed by future generations.
Smaller Price Tag: Homes that require renovations are often offered at steep discounts, even if they are in a desirable neighborhood. The cost of updating is not something the current owner wants to take on, so if you are not afraid of a little elbow grease you could catch a bargain.
Sizeable Profit Potential: Right in line with #3, a fixer upper home (properly updated) can present a sizable profit, and can be the perfect opportunity for budding developers.
Uncovering Hidden Gems: From original features to period architecture, the possibilities are endless. Who knows what’s waiting in those walls to be restored (did you know there are entire social media groups dedicated to ‘things found in walls’ ?)
And a few challenges…
Research, Research, and more Research: Finding the right property, that doesn’t require ‘too much’ work, can be time consuming for a buyer. Getting in touch with a real estate expert that knows how to evaluate this type of home is going to make the process much easier. If you need assistance in eastern Iowa, or need help finding someone in your area, you can contact me here.
Thorough Planning: Organization is key, especially if you will be tackling renovations yourself. Watching sales and rebates, tracking receipts and shipments, as well as applying for permits and interviewing contractors can all seem overwhelming. But with a solid plan in place up front, much of this headache can be avoided altogether.
Creative Solutions Needed: Sometimes unique problems arise that can require some creative thinking and/or solutions. Remember, not all older homes are constructed the same, as building codes and inspections likely weren’t in place at time of original construction. A contractor with experience with these types of homes can be your best asset for troubleshooting solutions.
So, are you ready to tackle a rundown property and make it your dream estate?
Maybe you are a planner, like me, and want to see it all mapped out before taking the plunge? I’ve been there.
Or, maybe you already own a property that needs renovations, but don’t know where to start? I’ve been there too.
Over at APS Homes, I have a free download that identifies the most common red flags that your fixer upper could require costly repairs, called…
10 Warning Signs You Might Be Looking At a Money Pit’
No tools or special skills needed
Print and take with you to the inspection!