searchBarIcon
 Welcome to the ChampaignRose.com Blog

2019-07-10 16:40:20
Should You Buy That Fixer Upper in Champaign – Urbana?


Buying a fixer-upper in Champaign – Urbana, if you buy the right one, can really be a great investment. If the right things are wrong with a house, it can become both your dream home, as well as earn a great deal of equity.

You don’t need to be a DIY guru either. Patience and time are all that’s needed.

Here’s how you can tell if that home you’re looking at fixing up is worth it.

Evaluate the Price

A fixer-upper should be priced as such. Try not to fall in love too quickly with a home that “just needs a little TLC.” make sure you do your research and make sure the price is right for the work needed.

Also, look at other homes in the neighborhood to see how much they sold for and how much work they’ve had and how fancy they are. you don’t want to over-improve for the neighborhood, as this could affect the selling price in the future if you decide to sell.

Start Evaluating What Improvements Are Needed

An ideal fixer-upper is a home that offers a lot of opportunities for “instant equity.” This means that if you turned around and sold the home right away, you would get your money back.

Some improvement tasks can be as simple as painting or landscaping, which you can accomplish with sweat equity.

Other tasks may require the work of professionals and cash to pay them. It’s those projects you want to carefully evaluate against the home’s price.

Which Hire-a-Pro Projects Add Instant Equity?

Some home improvement projects that require a pro stay at the top of the list of things that will be worth the cost instantly.

Based on data gleaned from the “Remodeling Impact Report” (RIR) from the National Association of REALTORS®’, if these three projects are on your fixer-upper’s list of must-haves, then you may have found your dream equity-builder:

  • New roof
  • Hardwood floors
  • Insulation

While those three are pretty safe bets. Almost any project can be worth it with a fixer-upper if the price is right. For example, a complete kitchen renovation can cost $65,000 and recover only about $40,000 when you sell. But if the fixer-upper is discounted enough, think how amazing it would be to cook in a kitchen you designed yourself.

Evaluate Your Ability to Deal with Disruption

Whether you’re a DIY Jedi or content to let the pros handle the remodel, if your patience is shorter than your potential home’s to-do list, a fixer-upper may not be a good choice.

Renovating a bathroom alone can take two to three weeks. Add hardwood flooring, a new kitchen, and siding, and you’re looking at a whole summer’s worth of rehab.

When considering a fixer-upper, evaluate the limits of your emotional energy as well. Inevitable project pitfalls and delays can be wearing. Only if you have the time, patience, and emotional endurance for a fixer-upper will it be a good fit for you. And only you can determine that.

But if you can budget your time and money, and employ the right fixer-upper strategies, you might find yourself with a double reward: A home that’s worth far more than you paid, and the joy of knowing you helped get it there.

Find out how much your home is worth in Champaign / Urbana now! Check back on our blog every week for more great reasons to call Champaign / Urbana home. Make sure to check out our property search feature to find the perfect home in Champaign / Urbana. And be sure to follow us on Facebook!

 
Blog Archive
2019-09-16 11:37:57
More Upcoming Events in Champaign - Urbana

2019-09-11 15:10:01
5 Signs You’re Ready to Buy a Vacation Home in Champaign - Urbana

2019-09-09 13:22:54
The Fun Continues in September in Champaign - Urbana

2019-09-06 11:20:20
Should You Use a Storage Unit When You Move in Champaign - Urbana?

2019-09-03 10:37:32
Important Repairs to Make Before Selling Your Home in Champaign - Urbana

2019-08-28 13:09:08
Have a Happy Labor Day Weekend in Champaign - Urbana

2019-08-26 10:37:44
Keep Your Champaign - Urbana Home Sale from Falling Apart

2019-08-22 08:43:26
Slower July Home Sales Combined with Median Price Gains Provide More Opportunity for Area Homebuyers and Sellers

2019-08-22 08:41:29
Increasing Your Storage Space to Give Your Home More Value

2019-08-14 12:31:56
Dine in Style at the Top Restaurants in Champaign - Urbana

2019-08-13 09:24:48
Tips for Finding Your New Home in Champaign - Urbana

2019-08-08 10:20:26
Don't Make These Mistakes When Buying a Home In Champaign - Urbana

2019-08-07 10:13:14
A Beautiful Porch Will Sell Your Champaign - Urbana Home Faster

2019-08-07 10:13:03
Upcoming Events in Champaign - Urbana

2019-08-07 10:12:54
Who Represents You in a Real Estate Transaction in Champaign - Urbana?

2019-08-07 10:08:20
Don't Pay Too Much For Your Fire Pit

2019-08-07 09:59:46
5 Important Champaign - Urbana Home Buying Terms

2019-07-22 08:51:53
Champaign County Home Sales and Median Prices Ease in June

2019-07-16 08:40:48
How to Be a Good Open House Guest in Champaign

2019-07-15 15:20:56
Find the Right School in Champaign / Urbana

2019-07-15 15:18:58
Did You Know Dirty Light Bulbs Waste Energy?

2019-07-15 15:16:37
Champaign Home Remodeling Projects With Top-Dollar Returns

2019-07-15 15:14:04
Packing Hacks That Make Moving to Champaign a Breeze!

2019-07-15 15:11:49
The Best Places to Live in Champaign County!

2019-07-15 15:08:51
Top Things to Do in Champaign / Urbana

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.