Buying a fixer-upper can be a great experience of bonding for your entire family if you’re all on the same page. You can get your kids involved in small projects like painting and choosing furniture. You and your spouse can handle some bigger things together. But, if you’re looking to buy a home for you and your family, there are a few things that you need to think about before taking the dive.
Ask yourself these five key questions before you decide to fix up a home with your family.
- What Damage are You Dealing With?
When looking at properties, make sure that you’re being extremely vigilant while on tours. Check for any signs of damage that are visible. According to idcfireandwater.com, some things will be easy to deal with, such as chipping paint. Other things are more serious, like mold, fire, or water damage. While these things shouldn’t be deal-breakers, you should check out the professionals in your area that can help you handle any damage issues with your fixer-upper.
- What’s the Neighborhood Like?
No matter how tempting it is to buy a home that needs some love, make sure that the neighborhood is okay for you and your family. In some cases, a property might be a location that’s just too dangerous and it’s not worth the effort. You might find a beautiful country home, but it’s just too isolated from the town and culture.
Spend time scoping out the neighborhood before you invest in a property. Sometimes it’ll be worth it to purchase the place, but other times you’ll be glad you waited and didn’t go with the first house you found.
- What’s Your Budget?
The budget question extends not only to the initial purchase of the house, but also to the repair work necessary to bring the property up to your standards. You might have enough to buy the property at face value but not enough to put in the work necessary.
Though you can estimate how much you’ll need when you inspect the home, you can’t account for everything. Make sure that you have enough money to handle unexpected issues that arise.
- How Much Time Do You Have to Repair the Place?
What does your timeline look like? When do your kids need to go back to school? What’s your job schedule look like?
You need to ask yourself how much time you have to put in the repair work to make your property perfect. If the place needs more time than you have, you might want to invest in a different home.
- What Does Your Family Need?
Most importantly, what are the essential things that your family needs in a home? What do your kids need? What about your partner? Do you need anything? No matter how tempting the fixer-upper is, if it can’t fulfill the needs of your family, move on to the next property.
Think Before You Buy the Project House
Before investing in a property that needs work, make sure that you are fully prepared by answering these questions honestly. Though it looks cheaper initially, it might take more time and money to turn that fixer-upper into the ideal house than you think. Sometimes, it makes more financial sense to invest in a house that doesn’t need mass amounts of work done or hire a contractor to do the work for you.
Also, check-in with your children and partner before making any decision. Though you’re excited to move into a new place that you can work on and make perfect for your family, you’re not making the choice alone.