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The Fixer-upper: How First-Time Buyers Can Save Money and Reduce Stress

First-time homebuyers can save money on a fixer-upper and stay sane in the process

Congratulations on scoring your first home, even if it’s a diamond in the rough. You have the vision, but you don’t want to get in over your head. Follow these steps to stay on budget while keeping your cool, and you’ll be sure to “nail” your next project.

Determine what can be done now versus later

It’s tough knowing where to begin when everything needs fixing. According to Property Brothers, Drew and Jonathan Scott, owners who buy fixer-uppers can end up with regrets because they weren’t properly prepared for the work and costs, not to mention the aggravation. Start by making a list of what is urgent versus what can be done in another one, two, or five years’ time.

Get real with yourself

Budgets can easily go off the rails. Before your credit card makes another tap, get real about what’s important to you outside of your renovations. These could be hobbies you enjoy or dinners out with friends. Prioritizing a few things you love can help keep reno costs in perspective and prevent projects from taking over your life.

Don’t rush

When Elvis crooned that only fools rush in, he may as well have been talking about home renos! Unless your ceiling is about to give, take the time to research, compare prices and find good quality contractors you can trust. The work will pay off in future projects.

Become the ultimate deal hunter

You can keep expenses down with a little creativity. Take advantage of any first-time buyer renovation grants, credit card perks, clearance sales, or freelance services. Fiverr.com, for example, lets you find professionals to do just about anything from drawing up floor plans to choosing drapery for your bedroom - all at discounted prices.

Go ahead - get dirty!

Mistakes will happen, guaranteed. The good news - there are projects for all skill sets that can save you money. Consider painting, wallpapering, landscaping or even tearing out your old kitchen cabinets. If you’re willing to learn and make mistakes along the way, go for it!

1. Megan Leonhardt, “68% of millennials would buy a fixer-upper—here’s how the Property Brothers say you can avoid regret,” CNBC Make It, January 23, 2019, accessed June 9, 2021, https://www.cnbc.com/2019/01/22/property-brothers-advice-for-the-68-percent-of-millennials-who-would-buy-a-fixer-upper.html