As a prospective homeowner, a fixer upper home can be a cheaper alternative to spending all your savings on a shiny new home. However, if your intent is on acquiring this style of a home, you should prep yourself to have the mindset of fixing leaks, creaky staircases, broken door locks, faulty wiring are just a few to mention. Needless to say, your new house will require a lot of repair work before you can call it a home. Though it might seem a daunting task, here are useful tips on how you can transform your banged up house into a home.
Be Aware Of All Rules And Regulations
The location of your soon to be fixer upper home will have rules and regulations on what you can and cannot do. Thus, it is important to familiarize yourself with these rules and regulations within your town or city. In most cases, your soon to be home will be located within a municipality. Every municipality is divided into zoning districts, and each zone has its own rules and regulations about renovations.
When you want to renovate and transform your banged up house, it is important to know what you are allowed to do. To learn of the zoning requirements that apply in your locality, you can check your municipality's website. Alternatively, you can organize a meeting with a municipal staff member who can take you through the legal requirements.
Inspecting Fixer Upper Homes
The most important thing to do before agreeing to the purchase a fixer upper home is to get it inspected. Hiring a home inspector is necessary when purchasing a fixer upper home. The work of the inspector will go through the home and advice you on the structural renovations that are needed to be done.
Towards this end, a home inspector will advise you on the changes that you need to make. Though, there is no harm in settling on an inspector referred to you by your real estate agent or mortgage broker it is important to get an unbiased opinion on the home's condition.
During the actual inspection, it is important to be present with the inspector and also to ask questions. Asking questions are the best way to understand the condition of your home before buying it. It is wise to hire a home inspector who is a native to the area in which you are buying the home. The reason is that an inspector will understand the architectural properties better of the house and any special issues unique to that locality.
The inspection of any fixer upper home should cover several topics number one being the legalities of renovating your home. You may be interested in buying a house that is in a landmark area, meaning that renovating such a house will bring its fair share of ramifications.
Another important topic to consider is the electric sustainability of the home. In this respect, it is important to evaluate with your home inspector the amount of electricity the house gets. If you think that you will require more electricity than what the house is getting you may consider upgrading the current wiring system.
Consult An Architect
The second professional you should consult when buying a fixer upper home is an architect. An architect will help you know what changes you need to do in regards to the house's design. The architect will help you identify load bearing walls that will require moving. The architect will also help you know whether the load bearing walls of the house can be moved or not. When hiring an architect or a contractor, it is important to hire someone you can trust. Also, consult different contractors, as you can never go wrong if you have the expert opinions of different contractors or architects.
Know If You Are Eligible For Tax Incentives
The hassle of fixing up fixer upper homes can be a rewarding venture. In some states fixing a fixer upper home will make you eligible for tax rebates or tax credits. It is important to know whether your state offers tax credits or not. Some of the states that offer tax incentives include Philadelphia and Cincinnati. This tax credit is available to persons who improve their homes and increase the home's value.