Tips to keep in mind when taking on a fixer-upper

You might make the decision to purchase a fixer-upper either to make it your family’s future home or to renovate it and sell it off in the future for top dollar. No matter what your intention is, if this is the first time you are undertaking such a project, then there are a few very important things that you should keep in mind.

Unlike other properties, fixer-uppers usually require a little more attention and a significantly higher input of resources to transform them into hardy structures that can accommodate any number of people and as the buyer, you must know exactly what you are spending your money on. Continue reading this article to learn about a few simple yet important tips regarding this endeavor that will help you make it a successful one.

Plan ahead

“Winging it”, is never the best way to go, especially when you are talking lots of dollars. You’ll need to plan the entire procedure from A to Z, so that you can hit the ground running once everything is ready. The first step is to find a reputed renovation contractor who has plenty of experience in the field and knowledge about your local area. Be sure to spend enough time to decide exactly what components you are going to use, how many, in which sections of the house you are going to fit them, how long it will take to make all the improvements and most importantly, how much all of it will cost you. This way, you can get your finances ready beforehand and avoid the headaches of having to alter what you have already completed.

Document everything

Any design, construction or renovation project can become much more complicated that what you hoped for due to a number of reasons. While planning can greatly minimize this risk, there will always be several external factors which are out of our control, that will bring about unexpected developments and make your life difficult. If a proper documentation procedure is not maintained by you to note each and every financial aspect of the renovation project, you will lose track of the expenses, run through your entire budget and even end up getting into disputes with the contractor over no real reason.

Every detail about furniture, fittings and finishes must be documented and regularly acknowledged by all the involved parties. In addition to the cost components, details about the products, where it’s from, how it got to you, how long it took for your order to be fulfilled and any other special notes will all make the overall enterprise a lot simpler and hassle free.

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