What Is A Fixer-upper House And What Are Its Pros And Cons? in Oakland-California

Fixer Upper (TV Series 2013–2018) - IMDb

Think you're up to the challenge? There are a number of ways you can track down the perfect renovation property. Most obviously, you can take a look at the listings held by your local estate agent or realtor, as well as searching online sites like Rightmove or Zillow. Repossessed houses or residences in a state of disrepair may only be advertised with exterior shots, so it's always worth going to see a property in person to get an idea of the scale of the work required.

Buying A Fixer-Upper Home? Beware The Money Pit & Do The Math First

Image: K.M.Williamson / Shutterstock Property auctions can be a great way to snap up an older house for less. Check out the websites of your local auction house to find properties going under the hammer in your area or scour country-wide sites like or auction. com in the United States.

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Whether you bid online or in person, it's important to set a limit and stick to it if you want to bag a good deal. Keep in mind that there's usually an additional fee called a buyer's premium that's payable on top of the hammer price. Additionally, there's a whole host of more specialist websites out there that can help you find your ideal fixer-upper.

Abby and Trey Cousins took a chance on this incredible abandoned mansion. Image: 704 Photography Like many house-hunters, Abby and Trey Cousins found their remarkable 20th-century home on Zillow. A real project, the property was in a poor state of repair, but the couple fell in love with its historic architecture and storied past.

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After three years of hard work, the dilapidated building is now a beautiful family home once more. Abby and Trey preserved the home's original spirit and period details, while successfully updating the structure for modern living. All those hours scrolling through property listings certainly paid off! . Before you sign on the dotted line, you should always look around a prospective property with a surveyor who can identify any issues to be aware of.

Buying A Fixer-Upper Home? Beware The Money Pit & Do The Math First

The surveyor will produce a report detailing these problems and highlight any major repairs and alterations you'll need to carry out. When access is restricted to a house because it's unsafe, it's still worth inspecting the exterior to get an idea of the remedial costs involved. However, you should be prepared for hidden issues inside the property to wrack up significant costs – don't take a gamble on an unseen house unless you have the budget to cover the worst-case scenario.

Image: Berkshire Hathaway That being said, an extreme fixer-upper in need of attention needn't be crossed off your list altogether. It's important to carefully weigh up the pros and cons and make an informed decision. Find out the ceiling value for similar homes on the same street – both Rightmove and Zillow provide averages by neighbourhood.

For example, the cost of a simple interior overhaul should be relatively low, while repairs to large features like the roof or foundations could run up significant bills. You should also check the home's connections, for example, does it have gas, water, electricity and sewage, or will you have to pay to put these in place? Old and long-abandoned properties may not have these services, and where they do, they might not meet modern standards, which could lead to a costly refit.

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For perspective, a single-storey extension can cost between £40,000 ($48k) - £67,000 ($80k) according to Household Quotes, while removing internal load-bearing walls can cost around £1,200 ($1. 4k) - £2,500 ($3k). The motivation behind your renovation will affect your budget too; if you're creating a long-term family home, you're likely to spend more on the finish, but if you're revamping a house to sell on for a profit, you'll probably be working to a tighter budget.

If you don't have a cash lump sum to fund your project but own another property, you can look into remortgaging. Alternatively, if your fixer-upper isn't in need of structural repair and is otherwise habitable, you may be able to take out a standard mortgage on the property. Other options include bridging loans, which can offer fast short-term financing, and renovation mortgages, where funds are released in stages when benchmarks in the building works are met – these can often cover uninhabitable properties too.

Careful budgeting can make or break a project, so you should add round a 15% contingency to your budget to account for any delays or unforeseen problems – don't forget additional fees relating to planning permission and building inspections too. It's also important to get appropriate insurance in place before you embark on your project as your normal policy may not cover major structural work.