If You Have Started a Fixer Upper Project, Here Are Great Tips
A fixer upper is typically 8% cheaper than a standard property, according to Localize. But, as you can imagine, a fixer upper needs a lot more work, which means you’ll need a sizable sum of cash to hand. Forbes states that you’ll need to spend at least 10% of the property’s value on renovations, although this is often much more. Don’t worry, though, as this guide will show you how to reduce the renovation costs of your fixer upper.
Time of year
The most common time of year to complete home renovations is during spring and summer when the days are longer, warmer, and brighter. But this is also the most expensive time of the year to renovate. Contractors are nowhere near as busy during the winter months and, in particular, around the holidays. Opt to renovate your fixer upper during this time and you’ll save yourself cash as contractors will be keen for the work, so will drop their prices. Materials are also cheaper during the winter as there is less demand for them. End-of-season sales and Black Friday discounts are also worth utilizing at this time of the year.
Have a plan
If you go by the 10% rule, it will cost you a minimum of $31,000 to renovate your fixer upper. This is a lot of money and it’s easy to spend even more than that when you’re renovating multiple rooms at the same time. That’s why it’s crucial that you plan the cost of your home remodel and do everything you can to keep the renovation on track. You should think about what you want from your property. The renovations you complete should also add value to your home. If they don’t then they’ll blow your budget and you’ll get nothing back in return. Plan each room of your fixer upper one by one. Write down exactly what you want to do with each room, the expected cost, and the likely return on investment before work commences.
Most contractors charge between $50 and $100 per hour. The total cost of labor can really add up when you rely on multiple contractors to renovate your home. However, there’s no need to pay someone to do every job as there are tasks you can complete yourself. Things such as stripping walls, painting walls and woodwork, sealing baths and sinks, and minor demolition work can all safely be done by yourself. And, there’s always online tutorials to help you if you get stuck. You’ll also feel a lot of pride and satisfaction from getting your hands dirty and making your fixer upper the home you’ve always dreamed of. Save your hard-earned cash for jobs where the experts are definitely needed, such as rewiring, plumbing, and roofing.
Buying a fixer upper can be a cost-effective way of getting your foot on the property ladder. But, you must ensure you don’t spend too much cash by lavishly splashing out on renovations for your new abode.
We hope you found this blog post on Effective Ways To Reduce Renovation Costs On A Fixer Upper to be useful. Be sure to check out our post on A Beginner’s Guide To Buying A Fixer-Upper Home for more great tips!
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