November 14, 2017 | Bob Myers
It looks so simple on TV: Find a diamond-in-the rough with "good  bones," hire a few telegenic workers, perhaps squabble with your significant other about the interior paint color and presto – the  home has doubled in value.  The reality, of course, is not so easy.  Here are a few things to consider before investing your money – and time –  in a fixer upper.

1. Can you afford it?
After  consulting an experienced building inspector to assess the home, a  contractor for a time and money quote on the work to be done, and a  Realtor to make sure the renovations are in line with what buyers want,  do the math. Be sure to include materials and add an extra 10-15 percent  for renovation "surprises" that may arise. Once you have the general  price tag, you can calculate whether you have the funds to cover the  cost of renovation or need (and are qualified) to take out a renovation  loan.

2. Do you have the time?
Even if you  plan on hiring contractors to do most of the work, coordinating with  with them still takes a big chunk of time. If you just started a job,  are expecting a baby or simply don't want to commit the necessary hours  to the project, it might not be prime time for a fixer-upper.

3. Do you have skills? (Or handy friends?)
Doing  the labor yourself can save you money. A lot of renovation work,  especially cosmetic projects, is not rocket science. But if most  encounters you've had with power tools have ended at the ER, it may be  best to go with a contractor.

4. How do you feel about living in a construction zone?
Unless  you're able to live elsewhere during renovations, think long and hard  about whether living in an unfinished house, complete with workers and a  power tool soundtrack, will drive you nuts.

Please consider The Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the  Montgomery County area.  If you are refinancing, want a recommendation,  need a service provider or just have a home related question, please give me a call at  301-910-9910 or email me at 


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