Looking to buy your first home that is a fixer-upper? Not sure where to start? We completely understand, as someone who bought two homes before the age of 30, the home buying process can daunting, especially the first time you do it.
If you are looking to build equity or just afford a home in a hot real estate market, finding a home that needs a little TLC is an option to consider. While it is a lot of work, it doesn’t mean its impossible. Today we have tips for renovating as a first-time homebuyer. from Demetris Graham, owner of Memphis Makeovers, LLC and Dressing Rooms Staging and Interiors.
Tips For Renovating as a First Time Homebuyer from a Memphis Real Estate Expert
1. Plan Ahead – Visualize what you want to be done in your home. Gather pictures, samples, magazines, etc so that you can communicate effectively with your contractor/remodelers. If you are living at the home during the renovation, have a temporary living location if needed.
2. Find Good Help – Ask for recommendations from anyone who has had a successful renovation. Check with sites like Angie’s List and the Better Business Bureaus.
3. Budget- Get estimates. Research costs for projects including items like lighting, cabinetry, tile, etc. Set aside a contingency fund of at least 20 percent of the budget for unexpected repairs.
4. Detailed Contract- Get it in writing! Make sure everything is in writing, including property address, start date, completion date and details of what is to be done. Include deposits and payment installments.
5. Visit Job Site – Drop in during the renovation daily. A lot of mistakes caught early will save you time and money. You want to make sure the plan and design is executed correctly.3