Fixer-upper house. In the greater Central Florida area, many homes are well over a century old. These grand old southern homes are enticing, but restoring them can have hidden costs. That begs the question, should you buy a fixer-upper house? Numerous factors should be taken into consideration before taking on a renovation.
Is it the Right Fit?
A lower-priced listing for a two-story Victorian farmhouse can be tempting, and renovating a house and raising its value is a great way to build your net worth, but are you really prepared for what needs to be done? Restoring a home takes patience, energy, and money. The restoration’s size will set the pace for how long it takes; a fixer-upper can take up to a year or longer to finish. As the home is being renovated, there will be hammers banging, saws cutting, trucks coming and going, workers shouting to each other, and clatter on the roof. If this sounds like too much of a disruption for you or your family to handle, you shouldn’t take on the project. But, if you can take the rattle and shake of renovation, it can be gratifying both financially and personally.
Teaming with a Realtor to Find a Home to Restore.
Realtors Know Where to Look
The saying “location, location, location” is just as true now as it was a century ago. A realtor will help you to find a house to restore in an area where real estate prices are trending upwards, not the opposite. Realtors will avoid factors such as high crime, low school ratings and avoid neighborhoods with things like liquor stores or strip clubs. A realtor will advise you about all these things before you make a decision.
Rustic or Trashed?
The state of the home you are going to purchase will be a factor in the success of its renovation. Is the house weathered and only needs a coat of paint and new shingles on the roof? Or is it in a state of disrepair after being ravaged by termites? Maybe squatters used it as a drug den before the owner found out and put it up for sale? There is a vast difference between superficial repairs and replacing 80% of the structure, which means thousands of dollars in additional costs. A realtor will consider things like Electric wiring that is over 60 years old and will factor it into their recommendation. Fuse boxes and old wiring can’t take the load that today’s electronics and appliances demand and will have to be replaced.
Are you seeking a 19th or 20th-century floorplan in the 2020s? Are you fascinated with the charm of a room that is focused around a fireplace, or do you want spacious areas where a big screen TV is the center of attention; if the latter is true, support walls in an older home might not be able to take being knocked out for expansion. Air conditioning may not distribute well in a Victorian home that was never intended to have it. Be sure the layout gives you enough square footage for your family to live comfortably. Your realtor will be aware of what works for your ideas and what does not.
Renovation Has a Cost
Prior to your mission to restore an old house, you should have a realistic budget. Be sure there are allocations for the expense of unforeseen problems; this will save you from exceeding your budget. Here are a few of the things to consider:
- Repairing or replacing the roof.
- Spackling and painting walls.
- Refinishing, repairing, or replacing damaged flooring.
- Repairing cracks in the foundation.
- Putting in tile or removing the carpet.
- Installing new plumbing or sewer lines.
- Replacing doors.
- Fixing or replacing an air conditioning system.
- Repainting the exterior of the home.
- Updating windows.
- Renovating the bathroom.
Megan Dowdy Realty Can Be Your Guide
At Megan Dowdy Realty, we know which houses are available that meet your budget and know which fixer-uppers are deals and which are going to require a bit more work. Call us today or fill out our easy contact form