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Thinking about buying a fixer-upper home, but a little worried about just how complicated — or expensive! — the actual "fixing up" process might become?
"Married to Real Estate" stars, real-life couple Mike and Egypt, say fear not!
"We believe fixer uppers are worth it, because you have the opportunity to personalize," says Egypt. "You can add immense value. You can add additional square footage — bedrooms and bathrooms — that increase your return on investment."
The trick, they say, is to not go in blind.
And to show you how to do that, they offered these four tips:
1. FIND A GREAT NEIGHBORHOOD
As they say, location, location, location!
"That way, all you have to do is bring that house up to the standards of the neighborhood," says interior designer and broker Egypt.
2. ASK A PRO FOR THE POST-RENO MARKET VALUE
"Get with a real estate professional that can tell you what the fair market value after renovation is going to be," says Egypt.
Then, she says, you can calculate your acquisition cost — which is the cost you're buying a house for — plus the cost that it will actually take to renovate. That way, you can make sure you're not over-renovating, and that your investment is worth the cost!
3. HIRE A TIP-TOP CREW AND…
"You want to make sure you get a crew that understands renovation top to bottom," says builder Mike. "There are those who only do rooms, [and] there are ones who do full houses." So make sure you're hiring the latter!
4. BE SURE YOU KNOW THE EXACT RENO COSTS
Finally, "Are you spending all of your money before you even walk through the door?"
That's Mike's question — and it's an important one! Don't just think of what the inside needs, but the outside, too. New siding? A new roof? Repairs for cracks in the foundation? Do NOT forget to consider these costs, too — and again, make sure that, in the end, it's all worth the cost of investment for you.