Fixing Up Your Fixer-Upper
Are you ready to make a great investment and have the time and knowledge to build a little sweat equity? Making your first Texas home a fixer-upper may just be the right choice for you. With some elbow grease and a bit of help from the pros, you can turn your fixer-upper into a thing of beauty, whether you move in or decide to sell. Here are some tips from ATX Wood Flooring to get you started.
Purchasing a Fixer-Upper
The first step in the process is finding an appropriate home. To get the most bang for your buck, check the home’s features and look for one that needs more cosmetic updates and less structural or electrical work. Homes that need renovations are often found in up-and-coming neighborhoods around major cities.
Getting preapproved for a loan is helpful when looking for a house, so you know just how much you can afford with the mortgage and repairs. It’s important to note if you intend to rent the house as a home or vacation property, establishing a business is wise. It affords you many tax deductions on the purchase and renovations, along with operations.
Where to Start
After your purchase, History of Us points out that the first thing to do is make a complete list of all the projects that need to be completed. You can sort these two ways. Sort by needs and wants to make sure the things that have to be done are completed before cosmetic upgrades, particularly if your budget is very limited. Alternatively, sort the list by the order of completion. For instance, in the kitchen, you must repair any plumbing and electrical before you paint the walls. You must switch out cabinets before countertops. Then, add things like a range hood to vent smoke and smells and keep the air clean, or put decorations on the walls.
DIY or Hire?
House Beautiful notes that you’ll save money on labor for projects you do yourself. However, you must make sure that you have the skills to complete a given job. In some areas, only a licensed contractor can complete tasks like plumbing or electrical work. Be sure you know of any requirements and permits needed before you begin. For the general handyman, major construction and demolition, electric, plumbing, and HVAC work are best left to a contractor.
Smaller projects like painting, installations, installing flooring, and minor demolition are simple to do on your own. For high-quality and fashionable flooring options, look no further than ATX Wood Flooring, which specializes in hardwood flooring, including solid and engineered options, as well as a variety of finishes and stains.
Stay, Rent, or Sell?
Once you’ve completed the remodel, you have a decision to make: should you stay in your new home, rent it out, or sell it? No one choice is right for everyone. Some families fall in love with the new home they’ve created and decide to stay. Others rent the property out either for another family to live in, or as a vacation rental. Use it yourself and rent it out when you won’t be occupying the space. If you’ve built a lot of equity, you may want to sell and buy a new place.
Whether you’re flipping a property or renting it out, if you plan to make a business out of renovation, it’s a good idea to look into how to start a Texas LLC. An LLC will help shield your personal assets from liability as well as conferring tax advantages to your business. A formation company can help get your LLC filed online, making the process quick and easy.
Start Your Project
With all this information in mind, it’s time to go out and find the perfect fixer-upper for you! In Texas, there is plenty of opportunity for finding homes that need a little love, and for selling vacation and forever homes.
ATX Wood Flooring provides high-quality and sustainable flooring solutions to homeowners, builders, and interior designers throughout the Greater Austin area. Contact us today for more info! 512-627-9352