While it’s nice to get a good deal on a home that’s not in picture perfect condition, you need to always go through it to see if it’s worth the buy. Remember, you’re going to invest a lot of money to put it back to speed. Here are 5 tips for fixer-uppers.
Make Additional Payments Toward Your Principal Balance
Maybe use your tax refund or have a bit of extra money you have laying around to get in additional payment for the year. Make sure that the contract says there are no penalties for doing this extra step. This will be a great way to save a lot of money in the long-run.
Keep Important Documentation in One Place
Whether it’s receipts for major purchases or big payments, you always want to keep it in one file (both physically and digitally). This way, you can clear up any discrepancies and itemize everything properly.
A Home Inspection Is Not the End All Be All
A good home inspection is great but always have in the back of your mind that it may not have been as thorough as possible. A water heater you have in your home may be working well that first year, but then it gets cracked or corroded after a rough winter. You should always cover your bases as much as possible.
Change Your Locks When the Tenants Leave
Some of these locks may be very old, so for security purposes, it’s important to get some new ones.
Know What You Want and Need
What are the places that need the most attention when it comes to renovating? Are there areas you can put off for now? This is a better way of budgeting your money and putting your best foot forward when taking time to create the home you love.