Fixer uppers are a great investment property, but hidden surprises can start to push you over budget. This is especially problematic if you’re looking to flip quickly. With a little creativity and organization, however, there are plenty of ways to stay under budget. By prioritizing aspects that must be done alongside cosmetic upgrades, you’ll plot out a more efficient plan that still allows you to boost the value of the investment property.
How to Affordably Fix Up Your Fixer Upper
1. Start With the Essentials
Regardless of your vision for the home, there are some jobs that have to be done no matter what. Repairing a foundation, replacing a roof, or redoing the HVAC system are all musts, so take care of them first. Once you’ve spent this necessary money, you’ll have an accurate idea of how much you have left for room-by-room projects in your investment property.
2. Don’t Delay Curb Appeal
While it may seem logical to fix up the interior first, you shouldn’t underestimate the power of curb appeal. It’s what’s initially going to draw interest to the property and is one of the primary reasons people that want to buy a home stop and take a look. There are a number of budget-friendly ways to mix and match plants, trees, flowers, and shrubbery, especially if you have time. You can buy them small for cheap, and while you’re renovating the rest of the investment property, they’ll have time to grow and mature.
3. Prioritize Rooms
Certain rooms play more significant roles in homes than others. The kitchen and master bedroom, for example, are two areas people wanting to buy a home look at, so invest more money into renovating those first. Secondary bedrooms, guest bathrooms, and storage spaces don’t need as much attention initially since their features aren’t as important to most buyers.
Lawrence Realty has been the go-to real estate resource for residents of Minnesota and western Wisconsin since 1948. Located in Red Wing, MN, this family-owned and -operated business has built a reputation for their excellence and knowledge of the market. Whether you want to buy a home, investment property, or sell, their experienced team will work closely with you throughout the process to ensure you achieve the best results. Call (651) 388-4745 today to speak with a real estate agent, and visit their website and Facebook page to view their current listings.