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Buying a Fixer-Upper? 5 Questions You Need To Ask Yourself

If you've watched the home makeover reality shows, then  you know that remodeling a fixer-upper property is no easy feat. You need lots of time, energy, money, and patience. If you think you're ready to take on the challenge, make sure you have a game plan in place and ask yourself these five questions before buying a fixer-upper. 

1. Do I have enough money to renovate? 

That fixer-upper may be a sweet deal, but will you have enough money afterwards to cover the costs of renovations? You'll need to have enough funds to see the project through to completion, ideally without getting yourself into debt. Set yourself a realistic budget, add a cushion of at least 10 percent, and get several quotes from different contractors. 

2. Have you spoken to an inspector? 

You'll get a better sense of exactly how much work is involved by conducting an extensive home inspection. An experienced home inspector can tell you how the property's major systems are doing, including the roofing, foundation, plumbing, electrical, and HVAC. You may want to make your offer conditional upon satisfactory report by the home inspector. 

3. Do you have somewhere to live while construction takes place? 

Assuming you don't want to live in a construction zone, you'll need to find somewhere to live during the duration of the renovations. If you need to rent a space, you should include these costs into your budget and build a cushion in case you need to stay longer than planned. 

4. What do you want the end result to look like? 

Before you begin any work, you should spend time thinking about what style, layout, and finishings you want, and whether you plan to work with a designer or go solo. Make sure all the materials you need are in stock and ready to ship, or else this could set back your timeline. 

5. Are you emotionally prepared for a renovation? 

A remodel can get messy - and not just physically. You'll likely go through a rollercoaster of emotions, from stress to anxiety to excitement. Be prepared as much as you can by setting your expectations. Don't expect everything to go as planned, be flexible in case changes come up, and keep reminding yourself that everything you're going through is temporary. 

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