Fixer Upper Words of Wisdom ... now, that is charming!

There is something romantic (in my opinion) about a can of paint and an old house.  I know that not everyone loves the idea of fixing up an older house, but it has always appealed to me.  So, I was pleased to see someone had done a little clear writing on how to think about buying a fixer upper... often referred to a house with "charm".

My favorite place to look for "charming" fixer uppers is in Dallas between Lakewood and the M Streets.

-------   Items to Consider

1. Purchase Price - The lower price you pay, the more potential there is for profit it at the end. Remember, you generally make the money when you buy, not when you sell!

2. Renovation Expenses - Be as exact (and honest with yourself)as you can for each room that you are renovating, and include some "room-to-move should you be faced with the inevitable surprises (such as dampness, termite problems, legals).

3. Holdings Costs - The longer you own the home, the higher your costs for mortgage, taxes, and insurances will be.

4. Anticipated Sale Price - Be honest with yourself and compare your property like-for-like (comparable homes) with others that have SOLD.

When undertaking a renovation, take into account how long it will take to complete. From "go to woe", the market conditions could have changed immensely (for good or for bad) so try and take into account each scenario and what your subsequent actions will be (eg. if the market is worse, what would you do?)

Simply by doing your homework you'll ensure you reduce the number of surprises.  Written by Simon Turner.

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I also liked this list of fixer upper repair estimates.

Easy fixes are:

1. Patching walls, stripping wallpaper and painting.
2. Refinishing floors, laying tile or carpet.
3. Installing ceiling fans and new light fixtures.
4. Replacing baseboards or adding trim.
5. Fixing broken windows.
6. Replacing bathroom subfloors due to leaky toilet seals.
7. Installing new or refacing / painting kitchen cabinets.
8. Replacing doors.
9. Changing out receptacles, light switches.
10. Painting the exterior.
11. Adding a deck.

More expensive fixes are:

1. Replacing HVAC systems or adding central air.
2. Shoring up foundations.
3. Reroofing, when it involves a tear-off.
4. Replacing all plumbing, sewer lines and electrical.
5. Pouring concrete for driveways, sidewalks, steps.
6. Installing replacement windows throughout.
7. Complete kitchen / bath remodels.
8. Building garages / additions.

written by Elizabeth Weintraub