Some buyers do not want to renovate everything before they move in. They want to buy a solid house, live in it, and improve it room by room over the next few years. This is the slow-and-steady version of a fixer-upper. You spread the cost and the disruption over time, and you let the house tell you what it needs.

How it differs from a full rehab

On a full renovation you close, gut the house and move in when it is done. On buy, live in and fix, you pick a home that is safe and livable on day one, then tackle projects in a planned order. The big risks, such as the roof, HVAC, plumbing, electrical and foundation, should be sound or priced into the deal before you buy.

A sensible order for projects

• Safety and weather-tightness first: roof, gutters, drainage, electrical and anything that could cause water damage
• Systems next: HVAC, water heater, plumbing and insulation, which also lower your running costs
• Then the rooms you use most: kitchen, bathrooms and flooring
• Cosmetic work last: paint, trim, lighting and landscaping

Financing and occupancy

Owner-occupant loans usually expect you to live in the home as your primary residence, often for at least a year. A renovation loan such as the FHA 203(k) can fund some of the work up front, while other buyers pay for projects from savings as they go. Talk to Nil about approved lenders to see which path fits your situation.

What to keep in mind

• Keep a separate repair fund so a surprise does not force a bad decision
• Get permits where they are required, because unpermitted work can complicate a future sale and your insurance
• Keep receipts and records of improvements, which may matter for tax purposes. Ask your tax advisor.
• Hire licensed and insured contractors for anything involving structure, electrical, plumbing or gas

How we help

We walk homes with you and flag what is cosmetic, what is costly and what is a reason to walk away. We help buyers across Atlanta, Brookhaven, Decatur, Duluth, Ellenwood, Griffin, Hampton, Lawrenceville, Lilburn, Locust Grove, McDonough, Norcross, Snellville, Stockbridge, Stone Mountain and Tucker.

Related: fix and move in and first-time home buyers.

Nil Patel is a licensed Georgia real estate salesperson with Keller Williams Realty Atlanta Partners. This page is general information, not legal, tax or financial advice, and nothing here is a commitment to lend. Talk to a lender and a real estate attorney about your own situation.