Long before I first harboured the dream of being a home designer and was pretty much uninitiated on the subject, the term “fixer upper” used to intrigue me a lot. Of course, I did not know back then that the same term would come to haunt me on several occasions, giving me designing (renovating) nightmares.
So you ask me is buying a fixer upper a worthy bargain? There is no straight answer to this question. Honestly!
Are you the “old home, new amenity” type
Prior to purchasing a fixer upper you have got to introspect deeply about your penchants, priorities and lifestyle. What if I ask you an apparently silly question- are you an “old home” guy or do you prefer new homes?
Only if your answer is “I prefer an old home with modern set of amenities” should you venture out on buying a fixer upper: and in fact not yet.
Hiring experts is crucial
First things first: though fixer uppers may also be turned into DIY projects, you will always be better off hiring experts. Going the whole hog yourself may put you in a perilous position sooner rather than later and the situation may just have become irredeemable by the time you try and salvage the scene with expert help.
So, to cut it short, you must always look for an expert designer on board right from the outset.
Do you feel for the “old world charms”
Now, to come back to the question if the fixer upper is for you at all. If you have loads of patience to see your vision turn into concrete reality, go ahead with the game otherwise you will be better served by a turnkey project.
You have got to feel deeply for the old world charms of folding archways, hardwood floors, Portuguese corridors (though I don’t know why I said this), among other things. If you don’t, there is no way a fixer upper will entice you as an idea.
The essence of a fixer upper lies in its sense of ancientness; one that can be easily improvised upon with contemporary amenities.
Getting entry into a much desirable neighbourhood
A fixer-upper is a brilliant technique of grabbing a bite of a much coveted neighbourhood; one whose price structure would not have allowed you an entry if not for such bargain deals. But hey! Remember: you have got your feet inside but unless you are ready to invest financially and emotionally into the long-winding renovations, you will never come up trumps with a fixer upper.
Living off premises
Ask yourself- are you in a position to live off the premises? I had this colleague who was extremely proud of his vital lung capacity and the fact that he had kept any allergic or respiratory problem at bay all his life.
Now this gentleman got hooked to the idea of a fixer-upper. One year of renovations and staying on the premises later, his pleural sac gave away (literally) and he has become a kind of a dust worm.
Child safety
If you have young children, you will certainly want to live off premises. You cannot take a chance with their health, can you? Even if there are no children on board, the very idea of living in an unfinished bathroom or kitchen for well over an year can be daunting.
Budget of the project and hidden costs
Now let me focus a little on an aspect which is as crucial as it comes- Budget. First, let me introduce you to the world of hidden costs. Fixer uppers never set lavish budget for themselves. They just tend to absorb so many little costs in their ever-ready-to-bloat vacuum sacs while they are being worked upon.
Site flipping
If you are planning on site flipping- that great idea (or curse) of real estate where buyers look for bargain deals in order to renovate and sell at premium on a later day- then you have got to figure out a few things.
On top of your mind should be the capital growth of the neighbourhood, its comparable sales data and the demography of buyers interested in the area. The budget you set for your renovation will be determined by these factors.
Inspection
Go ahead with your plans with all your heart and conviction but as a last measure of diligence make sure that you have got an inspection undertaken. I know fixer uppers are old and may also be in need of mega repairs but it does not mean that you should get too carried away with the idea.
Do not invest in one where there are plenty of structural deficits: rotten wood in basement walls, naked electrical wires hanging everywhere, plumbing gaffes, insulation shortcomings and energy-efficiency deficits, among other things.
I must tell you that the “nightmare” part I talked about in the beginning was only half of the story. In most cases when they have turned out well, fixer uppers have also given me a reason to be intensely joyous and satisfied.
Did your renovation turn out to be a lot lengthier process than you originally thought?
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