If you’ve been here for at least 2 minutes, you’ll know that we’re in the middle of our biggest DIY adventure ever – fixing up a 1902 Victorian house into our forever home.
Fixing up houses seems to be very “on-trend” right now. It can be fun to think that this is a good idea for you and your family, but before you commit to such a HUGE thing like fixing up a house, I would urge you to ask yourself these 5 questions:
5 questions to ask yourself before buying a fixer upper:
Do I have a VISION?
- If you walk into a house, and you’re struck with the possibilities, then you could work those into a true vision. If you’re overwhelmed by all of the things that need to be done, and aren’t inspired by specific plans for the new space, you may want to revisit this vision.
- Vision may not be immediate. Take pictures, measure out the rooms, look up ideas online, or watch your favorite DIY shows to be inspired. But always make sure that you carry that inspiration into specific plans for your house.
Do I have the TIME?
- I know – none of us have time. We’re in a culture that glorifies being busy! But let me tell you: owning and renovating a fixer upper takes TIME, and lots of it.
- Having a fixer upper doesn’t have to mean throwing all of your social events out the window, but it does take consistent time over months and even years. We’ve found it best to actually schedule it into our calendar. For example, you could set aside every Monday and Thursday evening for house renovations, and then 2-3 Saturdays a month.
Do I have the RESOURCES?
- No matter how much you DIY through a renovation, it’s still going to cost money. This does NOT mean you have to be well-off to buy a fixer upper, but it does mean that you should have some money saved for unforeseen costs. You should also have a strict budget for each piece of the project, and make sure you have more than what is in that budget, because it almost always costs more than you think it will!
- You can get creative with this! Our family helped us greatly with buying our house for the auction price, and putting the cash that we didn’t have into the early renovations. We then added those renovation costs into our house price and bought the house from them when we moved in. We would have never been able to financially swing this project without that key piece!
Do I have HELP?
- Whether it’s friends to come and have a wallpaper stripping party, family who will watch your kids while you demo a space, or neighbors that will help you paint…you’ll need some help. We have an amazing family that has helped us multiple days a week for months with our house and kids. There is no way we could have done this without their generous and selfless help!
- I would also recommend finding a local handyman that you can trust. Our handyman has helped on numerous occasions and on short notice. If you’re able to partner with them for renovations, they can be a totally invaluable resource!
Do I have a PASSION?
- If you’re willing to give up your time, money and energy for a fixer upper, it is absolutely important for you to have a passion about fixing up this house. Keep your vision in the forefront of your mind, and on the hard and exhausting days, remind yourself why you’re doing all of this. You will need an incredible amount of passion for this project to make it through to the end!
There’s so many more questions that are important to ask, but those are my top 5. We are in LOVE with our fixer upper, and with every DIY project we complete, my vision of restoring this house comes even closer.
One of the ways I renew my “creative energy” is to watch home renovation TV shows. Please tell me I’m not the only one! There’s a new show on DIY Network called “Income Property” that I’m super excited about! It’s on at 10/9c on Thursdays. It features demolition, design tips, and shows how homeowners can get an income from their rental properties to help cover their own mortgage. Woah – can you even imagine living mortgage free because of an income property? What an amazing concept!
Just like our renovations, Income Property shows all of the hard work and issues that come up when renovating a space. The host, Scott McGillivray (a licensed contractor), transforms undesirable spaces into places that can earn them top dollar by renting it out. You have to go through to their website to see video teasers to truly see what I’m talking about!
Watching TV shows like Income Property can truly help to keep me excited and motivated through renovations that are seemingly taking forever. They’re inspiring, motivating, and encouraging!
So – what about you? Do you think you’re ready to tackle a fixer upper?
This is a sponsored conversation written by me on behalf of DIYNetwork.com. The opinions and text are all mine.
These are very wise considerations, Christina. Thank you.
Regarding your mention of income property, it is wise to think through this path as well.
My husband and I owned a residential property management company for seven years, and we can tell you from direct experience (as we also owned such properties), that you can easily overspend on improvements.
Don’t get carried away with income property renovations. They can be costly and you may very well NOT recoup the expenses. Plus, you have to consider the wear and tear factor, extensive renter damage that can take place, degree of rubbish left behind by renters who abandon properties.
Just yesterday we noticed a rental house two doors down, where the exiting tenants had left behind TONS of broken or destroyed furniture, and refuse. The front yard was literally filled with it all, as the owners attempt to clean up their investment. It will be very costly in terms of time and resources, and lost revenue, to repair and then prepare the house to re-rent. And unfortunately, this situation is far from the exception it used to be.
So, if you are considering rental property investing, we highly encourage you to do extensive research first. Location is always important. Buying property that is in good condition and offers better amenities will provide a better, more consistent return. Better properties generally equal higher rent rates and attract better tenants, lower tenant turnover. As important is consistent, quality upkeep. This in turn equates to lower renovation costs, fewer repairs, a more consistent stream of revenue. Cheers, Ardith