Buying a fixer-upper is an exciting prospect for buyers who want to unleash their creative side by renovating and redecorating an older property. But you should know that there are more problems that can arise with this type of house compared with new builds.
With mortgages costing an average of $493 per week, you’ll want to avoid paying too much for renovation work. In this article, we’ll identify some of the problems you may face when regenerating an older building so you can factor these into your plans.
Buy Renovation Insurance
Insurance can be a minefield, and you may not know that there’s a special type for when you’re completing renovation work. This insurance covers your home while building work is underway.
Renovation insurance is important. In fact, you may need to prove you have it to get a mortgage in the first place. Failure to have the correct insurance policy may invalidate your mortgage and cause you to lose your new home.
The Pest Problem
Older houses are more likely to have pests living within the walls or floors. Due to weathering and damage over the years, these vintage properties will have lots of gaps and cracks in the structural foundations that can let rodents into your home.
Companies like Blue Beetle Pest Control can remove rats, wasps, and other pests from your house and advise on their potential entry points so you can block these off.
To Keep Or Not To Keep
If you opt for an older property, you’ll be faced with some difficult decisions about the property’s original features needing renovating. It may be desirable to keep vintage flooring, window frames, and doors but they may be damaged beyond cheap repair.
While professionals can repair even some of the most stubborn cases of damage, it may not be cost-effective to keep them. You’ll need to set a budget limit and be prepared to buy new features if you need to.
The Small Details
When renovating an old property it can be easy to focus on the big items first. While these are important, you may be surprised by how much difference correcting the smaller details can make.
Take the exterior, for example. A paint job on the walls, a mowed lawn, or a new fence could quickly transform the look of the house – without a huge cost attached.
Find A Place To Sleep
While your house is undergoing renovation work, you’ll need to find somewhere to sleep. You can’t stay at the property because it may be unsafe to do so.
Consider staying in a hotel, or – if you’d prefer to be closer to the house – hire a motorhome and park it on your driveway or in your garden.
Make a Budget and Stick To It
There are always costs you can’t account for when buying an older property. It’s never cheaper than you think.
To avoid any costly surprises, make a budgeting plan before you get started on the renovation work. It’ll encourage you to make decisions within your means.
