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You’ve purchased a new property that’s a little worse for wear. You probably chose it because it was a great bargain, with fantastic potential, situated in the right area, and are extremely pleased with your purchase.
While you’re most likely over the moon to have found such a great property, you might be feeling a little overwhelmed with the process of turning your fixer-upper home into your dream home. After all, most of these properties need a serious amount of work, which can feel rather daunting.
The good news is that with the right setup and approach, revamping your property doesn’t have to become a total nightmare.
Wondering what approach you should take? Below is a guide to some of the key ins and outs for getting started with a fixer-upper property – read on for everything that you need to know!
Map out your budget
Your first step should always be to plan out your budget. You need to have a clear idea of what you can afford to spend on the property and the process of reviving it. So, it pays to take the time to sit down and spend some time mapping out your budget and working out exactly what you can afford to spend. As part of this process, you could set two budgets – your ideal budget and the amount that you could go up (aka your stretch budget) to only if absolutely necessary. It’s also worth thinking about whether you’re able to get a loan to add to your budget if needed. This could be something that it’s worth looking into sooner rather than later so that you know where you are financially.
Create an action plan
The next step, once you’ve worked out what your budgets are going to be, is to create an action plan. This plan should map out what your steps are for working on the new property, from the first basic steps to the process of decorating the interior after the work is completed. Ideally, you want to ensure that this action plan is as detailed as possible so that every part of the process is planned and budgeted correctly.
Speak with the experts
It’s also important that while you’re planning everything out that you take the time to speak with experts in different areas of house renovation, such as speaking to specialists from a roofing company about how you should approach the changes to the roof that need to be made or talking to a plumber about the best approach to managing the plumbing. This should help you to work out how much time each part of the project will take, as well as how much each part of the process may cost. That way, you have a clearer idea of what kinds of costs to expect and how to manage them more easily from start to finish.
There you have it, a simple guide to where to start with your new fixer-upper property.