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So You Bought a Fixer-Upper to Save Money – What Now?

If you’re embarking on renovations on a tight budget, it can be hard to decide what to do first. 

Find Your Decorating Style

The vast majority of people who purchase fixer-upper homes do so for financial reasons. This financial reality, however, can present a perplexing challenge when moving into a home that’s in need of a little (or a lot) of TLC.

Which renovation projects should you focus on first if your budget is tight? 

And why?

Here’s what the Be Happy Property Service insiders had to say, along with a few tips on how to get organized as you embark on your fixer-upper face lift.

Before You Start Remodeling

First things first: It’s essential to understand what work should be done for safety reasons and to prevent costly challenges down the road. 

The best way to do this is to have a professional assess your newly purchased home and use that insight to develop a game plan.

Hire an inspector to look for potential issues or hazards with electrical, plumbing, and the roof. It’s a good idea to start with the structure and take care of items like electrical, which can be a potential fire hazard, as well as plumbing issues so that you don’t end up with major problems or damage in the future. 

You will not see a great transformation, but it brings peace of mind.

1. Refresh Rooms with Paint

Once you’ve addressed safety matters, you can turn your attention to aesthetic renovation projects and upgrades. 

Adding a new coat of paint throughout your home can make a big difference without a big investment. A fresh coat of paint on walls goes a long way, we can feel rejuvenated and visualize a clean slate to start a new chapter. You can paint walls, cabinets, or even your front door for a fresh new look.

The best part: a paint project can cost as little as $50, depending on the scope. 

For an added style boost, consider painting an accent or focal wall, which is generally the wall you first see when entering a room. It might also be the wall where your sofa or your bed is located.  

2. Install New Flooring

Another project that can make a tremendous and immediate difference in a fixer-upper is flooring. 

Not only will new flooring brighten a fixer-upper visually, but tackling this type of change early on can be much easier logistically. Once you’ve moved in and your furniture and personal belongings fill every room, redoing flooring can be challenging at best.

One additional consideration: the color you select for your flooring or floor stain will also help set the stage for future updates in your home.  

3. Upgrade the Exterior

Exterior upgrades are also an important consideration for fixer-uppers and can be more affordable than interior changes,

 which often require costly plumbing, electrical, and other system improvements. The 2020 U.S. Houzz & Home Study found that 21% of renovating homeowners tackled roofing, windows and skylights, and exterior paint projects at a median spend of $8,000, $3,900, and $1,000, respectively.

4. Remodel Your Kitchen

It’s no secret that kitchens are often among the priciest renovations homeowners embark upon—because who doesn’t want a dream kitchen with all of the bells and whistles right? 

The good news is that a kitchen renovation doesn’t have to cost a small fortune. You might want to prioritize your spending on this space given just how big of a role kitchens play in everyday life. 

5. Replace Windows

Installing new windows might not be the cheapest project to tackle initially, but this is an improvement that can pay for itself over the long run by saving you money on utility bills.

It is really that simple and logical. Old windows might have air leaks, which can increase your bills.

6. Repair Drywall and Ceilings 

Yet another home improvement project to consider early on for logistical reasons is major drywall or ceiling repairs, including moving walls. 

Just like flooring, this type of work is best tackled before moving in. 

Removing popcorn ceiling texture? 

It’s a messy job and much easier to do when you don’t have to worry about getting furniture or floors wet and dirty. 

Whether you choose to start with new flooring, kitchen renovations, updated ceilings, or drywall, look to Be Happy Property Services for all your remodel needs.

Final Considerations

Buying a fixer-upper can be a wise way to get into home ownership for the budget savvy. 

It can be a monumental undertaking and a labor of love, particularly if you intend to stay in the home for the long haul rather than simply flip it in a few years. 

No matter which group you’re in, make sure you thoroughly understand the work that needs to be done, and why, before diving into any project. 

After all, mistakes can be costly and if your budget is already tight, it’s best to spend your money wisely as a new homeowner. 

Doing this requires being educated about your choices.

Be Happy Property Services provides residential and commercial properties in Anchorage and our surrounding areas with dependable, licensed, insured, and bonded services.  One call, we do it all! 907-336-7434.