Starting Small on My First Fixer Upper...
I am just starting out in realestate rehabilitation.
But I did a lot of preparation and planning before I jumped in!
I took ownership of my first fixer upper four days ago.
I've been looking for a suitable property for several months and had made two offers that were not successful. Although it was frustrating to look (and in my opinion, wasted time) for so long, I am quite pleased with how it turned out.
I was able to get a place requiring work that was within my ability range and budget.
As an added feature it is also close to my home.
The house has other attributes going for it...
It is, by far, the saddest looking house in the neighbourhood.
It "has" two bedrooms, one bath and a small eat-in kitchen/laundry room.
It was well built, in 1952, and well cared for until 1988 when it was rented out. Subsiquent landlords have stopped leaks and kept pet problems to a minimum but nothing else.
So, when I took ownership I had a building with good bones and a wornout interior but no rot and no abuse.
Another bit of clever timing on my part is that a current government initiative will cover almost 60% of my materials costs.
I arranged to have an Energy Audit preformed before I took ownership.
The auditor confirmed what I already knew:
very little insulation,
and outrageous air leakage.
When the auditor returns after I've completed the renovations he will approve me for almost $7000 in rebates.
I will add stairs and turn the attic into two bedrooms and a half-bath.
I will also open the "kitchen/laundry" area into a main floor bedroom creating a large kitchen/dining room.
When I'm done the house will be an energy efficient 3bdrm home with 1.5 baths, new windows, doors, siding, heating and 1950's charm.
I got the keys to the house at 1pm.
At 1:05 I was taking down walls...
Before I put in an offer I had a very clear idea of what had to be done.
By the time my offer was accepted I had a detailed critical path.
I knew what had to be done and in what order to be efficient and effective.
I realize this sounds pompous but I am proud of the planning that I've done to make the work run smoothly.
Today, at the end of day four,
these things have been stroked off my list:
1.) Energy Audit and paper work
2.) Windows and doors ordered (3 week delivery)
3.) Basebords and trim
4.) Kitchen cabinets and sink
5.) Front steps salvaged and stored
6.) Construction steps and stairs installed
7.) Two walls removed and reframed where necessary
8.) Floor sag jacked
9.) Attic rafters built out
10.) Knee wall and ceiling installed.
My only concern at the moment is that I think I was a little too hastey in my window selection.
I may have let my love for double hung windows cloud my judgement. I think I should not have ordered them for one window grouping.
My husband says, "get over it, no one else will care."
This is my first investor real estate fixer upper.
What do you think?