Before you get your fix...
Category Advice
Popular TV shows, YouTube channels and social media accounts do a wonderful job of romanticising the fixer upper as the ultimate DIY project. Simply purchase a dilapidated property, break, build, refurbish and reimagine, and voila! You've doubled the value of the property!
Unfortunately it's not quite that simple, says Silvana dos reis Marques, Franchisee at Leapfrog Pretoria East and Irene. "Yes, almost all properties have potential but there are a number of factors to take into consideration before embarking on the mammoth task of fixing up a property."
She shares some of the main factors to consider before committing to a fixer upper.
Location - always the holy grail of property
Property professionals will almost always advise buyers to rather go for the worst property in the best area, than vice versa. "It's far easier to improve the condition of the property than it is to change something about the location of the property or the area in which it is situated,"dos reis Marques says.
A fixer-upper in a popular suburb will always draw attention while a castle in a run-down neighbourhood will never get the glory it deserves.
Finances for fixing
A 'good deal' is always a relative concept and is especially true when it comes to purchasing property. "You may purchase the fixer upper for a song, but then end up spending excessively to repair and reconstruct it only to find that the cost of the fixing hasn't increased the value of the property in any meaningful way," dos reis Marques explains.
The purchase of a fixer upper should always go with a detailed plan and comprehensive budget for how the project will be tackled. "Knowing exactly what you want to do and how much it is going to cost can reduce a lot of the stress of renovating a fixer upper, and of course help to better manage those unforeseen expenses, which are certain to crop up," dos reis Marques says.
What is a "good" fixer upper?
A fixer upper should be exactly what its name suggests, a property in need of fixing, rather than demolition and reconstruction! "When you need to configure the entire layout, replace expensive features such as the roof or redo all the plumbing, it's less of a fixing job and more of a construction project," dos reis Marques shares.
She explains that you want your fixer upper to have "good bones", which includes the integrity of the structure, the condition of the roof and ensuring there are no obvious problems with the foundation, the exterior walls or the corners (where walls are joined).
It's important to distinguish between structural and cosmetic features, as the former is far harder to improve on than the latter. Cosmetic changes would include things like replacing doors and windows, patching walls and painting, installing different light fixtures or even replacing cabinetry, which is far easier and way cheaper than moving the kitchen from the back of the house to the front, for example.
Before you commit...
For those so inclined, fixing a property to meet their exact needs and preferences can be a wonderfully satisfying project. For others, fixing a property as effectively and efficiently to sell it at a project is equally rewarding. Whatever the reason, make sure you know what you're in for and do the necessary planning and budgeting before you break down the first wall.
"We always tell buyers to approach a fixer upper with an open mind, a dynamic plan and plenty of patience. And you must want to do it, then you'll love it and have a stunning 'new' property to show for it," dos reis Marques concludes.
Author: Leapfrog Property Group
