Fixer-Upper Home Renovation Tips
Home Improvement to Raise Equity in Budget Houses Requires Prioritizing
© 2014 by Tricia Borren; all rights reserved; content may not be copied, rewritten, or republished without written permission.
Buying a fixer upper is smart if you have the time and energy to invest sweat equity in the home. Youll enjoy a lower monthly mortgage note, and your equity will grow quickly as you make important updates and repairs to the home.
If youve recently made the investment in a handymans special, here are some tips to help you get the house in great condition in 2014.
Renovation Prioritization According to Needs and Wants
You want to refinish the aging hardwood floors, but you need to take care of that plumbing leak. As you go through the home and build your to-do list, its important to put everything in a need or want column.
The needs are repairs that may lead to structural damage or fires if they arent addressed quickly, like faulty bathroom lighting.
The wants are items like refinishing the floors and replacing damaged trim. If there are any safety concerns, like damaged Stair Parts or areas of mold, then those should be placed at the top of the want list.
Work One Room or Project at a Time
Once you address the most pressing concerns, youre ready to start working on the cosmetics and fine details. If you need new windows or doors, its easier to replace them all at once.
Otherwise, try to work through one room at a time. Many people start with the living room because its the room they spend the most time in. However, theres something to be said for waking up and falling asleep in a bedroom thats completely finished.
Remember the Fine Details
Its the little details that can make a big difference. Matching hardware in the kitchen, beautifully finished wood trim in the hallway, and crown molding in the living room will make the house more impressive.
Lighting, trim, doors, and hardware are some of the most important finishing touches, so take your time and choose accessories that will look great. As youre planning the renovations and going through the process, pay attention to the fine details and remember that presentation is everything.
Handling the Finances
Paying for the home remodel can be costly, so its important to determine how youll cover the costs ahead of time. If the home has equity, then a second mortgage is an option.
With a credit card from a home improvement chain, you may be able to get interest-free financing for a full year. You can also simply space out the renovations. Do one or two large projects or room renovations a year to spread out the cost.
If youve bought a fixer upper, then you may be anxious to get it finished. Its easy to become overwhelmed when you have so many projects that need to be done, but its easier when you follow these tips.
Make a detailed list of what needs to be done, work through the list one major project or room at a time, and remember to focus on those important finishing touches as you work.