Ever seen the Tom Hanks movie, The Money Pit? The movie is about a couple who buy a house in serious need of renovation, and continues to cause them problems as further issues with the house emerge.

 

For many people who’ve dealt with a house renovation, it’s a familiar story. When you invest in a renovation property, you know you’re in for a lot of work, and potentially a lot of money too. But is there ever a time when a fixer-upper simply isn’t worth it? Knowing when to give up on the idea could save you a lot of money and heartache further down the line.

 

Here are six signs a fixer-upper isn’t worth it to help you make the right decision around your renovation project.

1. The location isn’t right

When you look for a property to buy, the location can have a big impact on your decision. The right location puts you near good schools and a great community, while buying a property in a less desirable location could mean your home doesn’t increase in value as you’d like.

 

Buying a fixer-upper is a great way to save money on a property in a desirable area. But if you buy a fixer-upper somewhere less desirable, you could find yourself spending more money overall. It’s a tough decision to make, but you need to see potential in the location as well as the property to make it worth it.

2. You can’t see the potential

Some properties offer a lot of potential for an incredible renovation. But when you struggle to see the potential in a place, it may not be the one for you.

 

A property should get you excited about the possibilities, even if it’s going to take a lot of work to get there. So if a property doesn’t inspire you, consider looking around some more until you find the right one.

3. There’s too much work to do

You need to do your research before making an offer on a fixer-upper. There can be a lot of work to do besides the superficial, and that can soon leave a big dent in your finances.

 

If you can, bring in some experts to help you assess the property to give you an idea of the work that needs doing, as well as the cost. A property damage restoration company can help you establish what work needs doing to a damaged property, helping you assess whether it’s something you should go for. Sometimes a property can be beyond your capabilities, so it’s better to leave it to someone else who’s willing to do the work.

 

4. You have a strict deadline

If you have a deadline for when you want to move into your property and have it liveable, then a major renovation project may not be for you. Renovations come with all kinds of complications, and you may find that things take a lot longer than first anticipated.

 

A different property in a more ready state may be better for you to consider. Being able to live in the property while renovations are being made could make a big difference, and will help you save money too.

5. You’re not prepared to DIY

Restoring a fixer-upper requires a lot of hard work involving different skills and experience. Many people take on a fixer-upper knowing they’re going to carry out the work themselves. From basic jobs like painting to more complex tasks like plastering or laying floorboards, it will help your renovation if you can pitch in with some of the work.

 

If you’re not prepared to DIY, you’ll need to be prepared to spend a lot on labor and contractors. If your renovation needs significant work, this can make your project unaffordable and could mean you waste time too.

6. Your heart isn’t in it

To pull off a successful renovation, your heart needs to be in. There will be a lot of stress and tears, but the payoff is incredible. You need to be able to maintain your enthusiasm and passion, and if that isn’t there to begin with, it’s going to feel like a very long road. 

A home renovation could be the best way for you to get your ideal home, but it’s not for the faint-hearted. If the above hasn’t put you off, start looking at properties and research how to plan your renovation so that you can bring your property project to life and avoid it becoming a money pit.