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 With
the
possibility
of
extra
costs
popping
up
in
expected
places
and
seemingly
endless
delays
in
getting
the
work
done,
fixer
upper
projects
can
be
frightening.
If
you
bought
a
house
project
as a
real
estate
investment,
here
are
a
few
fixer
upper
tips
to
help
you
get
through
the
renovation
fearlessly.
Tip
#1
--
Budget
Wisely
Fixer
uppers
are
full
of
hidden
costs.
You
thought
you
just
needed
to
redo
to
the
roof,
but
you
discovered,
in
redoing
the
roof,
that
the
entire
house
has
a
termite
problem.
Yikes.
To
accommodate
for
this
inevitability,
set
your
budget
for
twenty
to
thirty
percent
less
than
you
can
afford
to
pay
and
don't
budge
for
anything
incidental.
That
way,
when
unexpected
and
unavoidable
expenses
come
up,
it
won't
be a
catastrophe.
Tip
#2
--
Expect
Delays
As a
rule,
fixer
uppers
are
more
complicated
than
they
seem.
This
means
unexpected
costs,
but
it
also
means
unexpected
delays.
Take
the
time
you
expect
the
project
to
take
and
add
half
again.
You
think
three
weeks?
Try
four
and
a
half.
Six
months?
Try
nine.
You
may
be
pleasantly
surprised,
but
by
adjusting
your
expectations,
you'll
avoid
unpleasant
surprises,
like
having
all
your
new
furniture
in a
truck
outside
the
house
only
to
discover
your
fixer
upper
still
needs
lots
of
fixing
before
it’s
livable.
Tip
#3
--
Fix
Essentials
First
It
may
be a
lot
more
fun
to
think
of
what
color
to
paint
the
upstairs
bedroom
or
what
kind
of
stair
rail
to
replace
the
old
one
with,
but
start
with
the
boring
stuff
like
the
old
heater
or
the
plumbing.
Systems
like
the
plumbing
or
the
wiring
are
where
you're
most
likely
to
uncover
expensive
problems
and
big
delays.
Dealing
with
trouble
early
on
will
make
it
possible
for
you
to
adjust
your
budget
for
more
incidental
costs,
like
paint
or
fixtures,
if
need
be.
Undertaking
major
repairs
on
any
type
of
real
estate
can
be
tricky
business,
but
when
your
home’s
involved,
things
can
get
especially
complicated.
By
giving
yourself
big
budget
and
time
buffers,
you'll
be
able
to
avoid
any
truly
scary
problems. |
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With
the help of your kit I
flipped my first home in 64
days from construction to
closing with a new profit of
$18,200.
-Marc Wee
More Testimonials... |
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