Is it your dream to buy a Metro Atlanta fixer upper and turn it into a home of your own? While the idea may seem like a good one, there are a few things you should think about first.
Five Reasons To Turn Your Back on That Metro Atlanta Fixer Upper
There is a difference between things that won't cost a lot of money and things that will. There is a vast difference, for instance, between replacing kitchen cabinetry and ripping out moldy drywall. For first-time home buyers with little DIY knowledge, cosmetic issues are easy to learn how to fix. Structural issues, on the other hand, will require expensive contractors and months' worth of time and lots of money.
Speaking of time, ask yourself how much of it you have to devote to your Metro Atlanta fixer upper and how long you can live in a house that's half torn apart.
If one or both of you is able to dedicate 40 hours a week or more to fixing up your home, you can get things completed fairly quickly. If you plan on working your regular job and muddling around the house on weekends, you'll be living with the mess for longer than you expect.
Do you know how to replace wall studs? Can you tear off and put on a roof with the help of a few friends? If you can, then a Metro Atlanta fixer upper might be a great idea. If you can't, however, your Metro Atlanta fixer upper can quickly turn into an expensive nightmare. Don't fool yourself when it comes to your own skills. Painting a wall is different than putting in a dropped ceiling. Refinishing a counter top is different than replacing one. Know your limitations and make sure you aren't getting in over your head on this project.
If you purchase a true Metro Atlanta fixer upper, you'll won't get away with making repairs for less than 10 to 20 thousand dollars. Many people make the mistake of getting estimates and tacking those costs onto the price of the home to come up with a desired loan amount. It is virtually a guarantee that unexpected expenses will arise. If you sink all of your money into your loan, where will you get the extra money you need for renovations? Also consider that at some point in time, you'll run into a project that you simply can't complete on your own. The contractor that you’ll need to hire will expect to be paid.
It may sound extreme, but you will be surprised at how many relationships break up over something as simple as a house. Home buying is stressful enough. The money and time spent on the ordeal is enough to test the resolve of any couple.
With your dream home Metro Atlanta fixer upper, pressure skyrockets. If your relationship is on shaky ground, avoid a fixer upper at all costs. If your relationship is rock steady, be sure to take the time to discuss choices, money and responsibilities ahead of time. Having a game plan can ease the burden of such a major life event.
If you have the time, money and energy, a Metro Atlanta fixer upper can be a dream come true. You can get a house with good bones that you can turn into your own. On the other hand, a fixer upper can be the worst move you’ve ever made. Before you decide to buy a home that isn't quite inhabitable, consider whether or not you're really ready to take on the stress and tasks of getting your dream home livable again.