I'm sure that many of you have hunted by a memorable home in your area that is a jewel to its peak. With a little tender loving care, it could be restored with all its splendour. Reply to Charise and Josh, who recently bought this Fixer and took a chance on restore in Portland, OR. They are just one of the couples that we offer as part of our new series of #BeBrave. Inspiring video series sharing the heart-warming stories of real people who have overcome their fears to become the new owners of a House.
like many young couples, Charise and Josh don't think they were ready for the world of accession to ownership. Living in a neighborhood of the country's booming, they doubted they would find what they wanted because of high housing demand. In addition, they are busy professionals who were not some they had the money or the time for such an undertaking. However, they launched the dice on a fixer-upper they call now at home. They were willing to take a leap of faith.
assess your level of preparation
before you fall too deeply in love with the thought of the ownership, it is important to assess your readiness. To begin with, what do you want in your ideal home? You have a geographical area that interest you the most?
it is also important to consider your employment situation and how much money you have in the Bank for a down payment on a home possible. In most cases, you will need to drop between 3% and 20% of the purchase price of the House. Getting pre-approved will help you to know just how much house you can afford. Also consider that your monthly mortgage payments could be higher than your rent payments.
is the good news, there is no magic involved with estimated costs house purchases. So with a bit of calculation, you'll be able to ballpark costs. Be financially and mentally prepared for these new responsibilities will you get off to a great start.
as with Charise and Josh, half the battle is finding the confidence to pursue your dreams of home ownership. The truth is, many people have some uncertainty about such a big decision. But this couple has discovered after buying their home, they were more willing and capable than they thought.
the Value of Sweat Equity
Charise and Josh approached their projects of restructuring of the House with their hands. If you are considering buying a fixer-upper, you're way ahead of the game if you have a few handyman skills and motivation to address the improvement of what your House needs. Don't forget to take friends or members of the family with rehab experience in your network. Keep your internal improvement projects can cut contractors pricy and you could save a ton of money.
your sweat equity will surely pay off because the improvements will increase the value of the home. Being an active contributor for your renovation will help feel you in your home and your community. You may find you like some aspects of the demo, the design or manual labor.
the world of fixers
a big consideration when it comes to buy a fixer-upper is your time. If you are renovating the House yourself or hiring contractors, home improvement projects can take a long time to complete. Be realistic about the time you have to devote to shopping for the materials and the amount of time that your home can look like a war zone. You and your family will need to have the patience and flexibility during the demolition period disruptive.
be realistic that many renovation projects have some hidden costs. Don't forget to evaluate the "bones" of the House, as a solid roof, the Foundation and a good floor plan. Assessment of the configuration and the flow of the House will help you determine if you want to tear down the additional walls or rearrange the floor plan.
estimate your costs of renovation, but also a remodeling budget. It may be wise to use a contractor to estimate the project if you are new to home renovation. Laying tile or carpet to the replacement of windows and doors, it is important that you or your contractor has the tools for the job. Tool rental can be another big expense to take into account in your expenses.
even though it was a bit scary at the end of the day, Charise and Josh were happy that they have invested in their Fixer and their future through the home ownership. If you are thinking about buying a House and have the eye on a House that needs renovations, be realistic when assessing readiness. Then do some research on the renovation costs and decide if you are ready to put some sweat equity in the House. #BeBrave.