Fixing up a Fixer-Upper

Getting the most for your money in any real estate deal is important in this economy. One way to maximise your investment is to buy a home that needs some cosmetic repairs or updating. Not only can you customise your home the way you want it, but you are increasing the value of your home using the expenditure of time, rather than money.

As anyone in the industry will tell you, the three rules of real estate are location, location, location. Being open to houses that are less than pristine will make it easier to find a home in a better area. Although some repairs can be costly, there are many things that can be done to make a big impact at a small price.

Updating the kitchens and baths can cause expenses to mount. These improvements can add the most value onto the house when it comes time to sell it. Assessing the area and current real estate market should help determine a budget for kitchens and bathrooms. Whether to replace all the fixtures and cabinetry, or just update the counters and hardware will depend on your budget and desired outcome. If you are planning on staying for a while, it makes sense to customise the house to your preferences. A simple facelift will be adequate if you are hoping to flip the house for a quick profit.

Giving the bathrooms a fresh, clean perspective is not difficult. Replacing the bathtub enclosure and resurfacing an outdated tub can make a big difference. Light fixtures and hardware, such as faucets and outlets can be updated inexpensively. Walls and cabinets can be freshly painted. Replacing outdated flooring is an important step. New counter tops and sinks will complete the transformation.

In the kitchen, many of the same things can be done as in the bath.

Cabinets, counters and flooring are the main expenses that you will encounter while updating a kitchen. Keeping things neutral and fresh will appeal to the majority of home buyers. Tying it all together with lighting and fixtures will complete the kitchen. If budgets are tight, any money available should be spent in this room. The kitchen is the most important room in the house when it comes to the resale value.

In the rest of the home, walls and floors should be as fresh, clean and current as possible. Curb appeal is a huge factor to potential buyers. Landscaping and trim should be immaculate. The front door should be clean and in perfect condition.

Now that you’re armed with the knowledge you need to fix up your property, but you can start looking around for your ideal fixer-upper. Remember: location, location, location!