In the current real estate market, home prices are creating challenges for buyers of all budgets. The reality of not getting as much house for your money as you would have just two years ago, takes some getting used to. Particularly in the last year, choosing to do home renovations and upgrades after purchase can get you a “deal” now and give your home the extra boost it needs later, without breaking the bank at purchase time.
But not so fast. If you’re eyeing a fixer-upper, think carefully. That home may seem like a deal now, but does it makes sense in the long term? How does it fit in with your life goals?
Whatever your plans, an often overlooked factor when buying a home is your temperament and comfort with renovations. These considerations are worth thinking about: Are you skilled in home repairs and upgrades? Do you know someone that you trust and are pleased with their work? How at ease do you feel about the possibility of projects going over-budget? Have you considered that you may need to manage the project and go through the selection process of hiring a professional? How long will the upgrades and renovations take? Could they delay important life events such as focusing on your career and gaining a promotion, or starting a family?
Finally, will you hire a professional or a handyman? Professionals tend to be more expensive up front, but more often than not, you’ll be able to depend on their allegiance to their reputation, and long-term presence if an issue needs to be corrected. Whereas, while you may benefit from a more inexpensive handyman up front, they may not be insured and may not be so handy to reach if things go awry.
Whether you’re a do-it-yourself homeowner or choose to employ skilled help, it’s most important to create balance and stability while the home renovations get completed. After all, improving your home is about improving you and your family’s lives, not just the property right? Fixer-uppers aren’t for everyone; choose wisely to choose a house not just within your budget, but within your means.
As we like to say around here, “Life is full of priorities: choose time, family, and peace of mind”.