What To Think About When Buying A “fixer-upper”

By Author: Thomas Mietzel
Total Articles: 13
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There are many reasons for a home buyer to purchase what is known as a fixer-upper, the type of house that needs a good dose of TLC – and sometimes a major injection of cash – to make it into a comfortable, livable home. You may be an enthusiastic and talented do-it-yourselfer, eager to work on the project of a lifetime. Creating a comfortable environment for a family member with mobility issues or other special needs could be your priority. If you are looking to buy one of the Madison foreclosures on the market, chances are that the property you choose will need some upgrading. Whatever your motivation, think ahead before taking on a home that requires major renovations.
What do you need in a home?
Start with a clear picture of what you want in a home, and why you want it. For example, extra-wide doorways may be important to accommodate a wheel chair. An efficient kitchen with center island and dining nook could be necessary for a large family. You may find it helpful to organize your renovation plans into a “need list” of essentials and a “wish list” of more flexible possibilities. Then when you view ...
... Madison foreclosures for sale, notice whether each individual property would be amenable to your plans, in terms of space available, placement of water lines and support beams, and so on. Remember to bring a tape measure plus paper or electronic tablet to record measurements and other comments about the house and its layout.
Talk to professionals
Find reliable professionals such as engineers, builders, electricians and plumbers (your realtor may have recommendations) to discuss your plans with. Check out feasibility of the renovations you’d like to make and also the projected cost and time frame. Many people claim you should add a safety margin of at least 50 percent to these last two items. Ask for references; don’t just speak with these clients but also try to have a look at the actual work that was done in their homes.
Moving ahead with your plans
Now assume that all is proceeding as you hoped. You bid successfully on one of the Madison foreclosures you liked and you are ready to move ahead with creating your dream home. Figure out how much of the work you can do yourself and what must be contracted out. You will need to decide whether to live in the new house while renovations are in progress. If that’s not practical, can you stay where you are for the time being, or will you need to rent a temporary dwelling? It’s advisable to hire an architect or building manager to oversee the contractor and crew – more expensive, but worth it in terms of your peace of mind. Draw up a clear written contract with your building contractor, detailing such things as grade of materials to be used and a specific schedule for each phase of the work. Have your lawyer review this document before you sign.

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