Renovating A Fixer-Upper: A Quick-Start Guide

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The housing market is undergoing significant changes and, as house prices continue to rise, it is only normal to look at alternative options to take the first step up the property ladder. So, the chances are that you have thought about the possibilities that a fixer-upper could offer. Of course, these properties come with a lower market price and can yield a lot of potential. Plus, you’d be revitalizing a property that would otherwise stay unused—a waste in today’s hectic market! 

However, fixer-uppers can certainly be gold mines–but they can also be money pits. Identifying the value and potential of the property, planning carefully, and understanding the costs and timeframes involved can make all the difference in your experience. 

In this quick-start guide, we’ll look at the essential steps involved in tackling a fixer-upper and provide you with a few essential tips to navigate the journey ahead. Let’s dive in!

Assessing the Property’s Potential

The first step is certainly to assess the property’s potential. When looking for a fixer-upper to renovate, consider aspects like location, size of the property, and the value of houses of similar age and size in the surrounding area. Of course, you  should give space to your intuition. At the same time, though, you may want to work with a specialized inspector who can offer clear figures regarding:

• How much the property is worth right now
• How much the renovated property will be worth
• The average value of properties in the area
• How much you should spend on your renovations

An inspector can also help you better understand the major renovations you’ll have to face, such as structural repairs.  

Setting a Realistic Budget

Next up, you’ll need to set a realistic budget for your renovation. This step is essential to understand how much you should spend on your project and not overpay. Simply put, having a clear budget in mind and sticking to it ensures that your property doesn’t become a money pit!

So how much should you spend on your fixer upper? There’s no set figure, but there are certain elements that you should take into account when calculating your budget. Here are a few that should be kept in mind: 

• Understand what you can do as DIY projects and when you need to hire professional contractors.
• Research the cost of materials in your geographical area.
• Factor in potential delays, which are common in renovation projects.
• Calculate transportation costs if the property is far from your current residence.
• Evaluate current and future living arrangements if you cannot reside in the property during renovations.
• Include unexpected expenses in your budget—in other words, have a “contingency fund.”
• Analyze how the renovation might increase your property’s future resale value.
• Consider permits and legal fees, and their cost, that may be required for certain renovations.
• Factor in lost wages if you decide to take time out of work to work on this project

Lastly, you should also figure out how you’ll want to divide the expenses. Are you looking to pay for everything up front, or are you working on this project in steps? If so, consider what your priorities are. These could be structural renovations that need to be addressed immediately, or upgrades necessary for you to live in the property and stop renting another home. 

Prioritizing Clearing Materials and Structural Repairs

Next up, let’s talk about the first steps in renovating a fixer-upper. Taking it all on at once can feel overwhelming and stop you from making progress. That is why it is important to identify the aspects that should be addressed before anything else. These should include removing materials such as old appliances, construction materials, and furniture left in the house. Consider working with specialists that can handle the removal of construction waste, scrap metal, or even hazardous chemicals. Working with a professional company will help you create a “blank slate,” making it easier to get started with your renovations.   

If the property needs structural repairs, these should also be addressed first. Problems with the roof, foundation, plumbing, or walls need to be fixed immediately to ensure that your property becomes livable and safe, allowing you to live in it as you renovate. 

Planning the Layout and Design

Once the structural aspects are taken care of, you may start working on the layout and design. You can do this step as a DIY project, but you may consider the benefits of partnering with an engineer or architect. This is because these specialists will be able to help you understand aspects that may otherwise be overlooked, such as the traffic flow between rooms and safety aspects. They may also look at the features that make your property unique—be it vintage tiles, a fireplace, or a beautiful window. Thanks to their expertise, they can design a layout and interior style that can enhance and add value to these aspects while making them fit in with a more modern living approach. 

Navigating Permits and Regulations

Although not all properties will require permits to be renovated, you should be aware of this important aspect. In fact, you may need permits if you are adding an extension, modifying openings like windows and doors, or changing the structure of a historical property. 

Working with specialized contractors and the local government to better understand what you need and start applying for your permits. Since these can take months to be approved, consider sending in your application as soon as you have clarified your layout and design with an architect!

Sourcing Quality Materials

When renovating your property, you may be operating on a tight budget, but you should not skimp on quality. Premium materials are essential to ensure that your property is renovated properly, with features and upgrades that will add value and durability to it. 

Be aware that, over the past years, there have been supply chain issues that have impacted both renovation times and costs. So, be sure to work with an expert contractor to understand what to expect and make informed choices. 

Incorporating Energy-Efficient Updates

Old properties may have plenty of character, beauty, and potential. However, over the years, systems, such as the plumbing and electrical systems, have developed significantly. As you begin to renovate, addressing these systems is essential to ensure that your home becomes efficient and modern. Choosing to invest in quality energy-efficient systems is also a smart way to add value to the property!

• Pro tip: Looking to make your property even more eco-friendly? Consider installing cutting-edge systems such as heat pumps and solar panel systems!

Choosing Reliable Contractors

When renovating your property, it is important not to overlook the importance of working with reliable contractors. They will provide you with the expertise and guidance you need to avoid hiccups and stay in your budget. Specialists will also have access to quality materials and workmanship, and they can help you find solutions that work best for the style of  your property, your interests, and, of course, your budget. 

When looking for a construction company to work with, be sure to take your time and research different options, gathering different quotes and evaluating online reviews. This step can certainly take some time, but it can save you more than one headache! You’ll be thankful that you carried out your due diligence later on!

Final Touches: Adding Personal Flair

Now the fun bit! As you begin to renovate, you can start thinking about interior design, furniture, and decor. Ideally, you’ll want to work with an interior designer, but consider getting started by looking at different styles and talking with your partner or family. Then, a specialist can help you understand what design features can turn your fixer-upper into a comfortable, modern, and even luxurious home!

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