Benefits Of Buying A “Fixer-Upper”
A fixer-upper refers to a home that is in need of some serious work. Though the term “fixer-upper” has struck fear in the hearts of mankind for years, there’s a great deal to be said on the appeal of buying a dilapidated home.
Before purchasing fixer-upper the first step to consider is if it’s physically possible to renovate, and, if so, whether or not you plan on performing the repairs yourself or hiring an outside contractor. Hiring an outside contractor can be costly, so it’s important that you make a budget and do your best to stick to it.
Pros to buying a fixer-upper:
• Turn around profit
• Lower price; more space for less money
• Opportunity to make your own design decisions
• Less market competition- not as many people interested or see possibilities
• Location in your ideal neighborhood
• Labor intensive work
• Can come across unexpected repairs from an older home
• Can spend more money than planned if you don’t stick to a budget and/or come across unexpected repairs
Other Things to Consider:
Before you buy any house—especially those that are in need of some serious TLC—be sure to have a home inspection done by a certified inspector. This will save you a tremendous amount of potential stress down the road by giving you insightful information you may not get otherwise.
Because it’s a fixer-upper, chances are you’ll be buying it at a much lower price. This doesn’t necessarily mean you should buy right away. Instead, take the time to carefully measure the pros and cons and decide whether or not this is a project you can get on board with.
Buying a home can be one of the most stressful decisions you’ll ever make, and buying a fixer-upper on a whim may add even more stress. Though there are plenty of reasons to buy and fix a rundown house, the main thing to consider is if you actually see yourself taking the time to adequately fix it up. If so, then you’re opening yourself to a world of possibilities.
Maya Rodgers is a pet owner, animal lover, and small-time environmental activist who always keeps her ears open for ways to green herself and her family. She makes a living helping others combat fleas, but mostly aids people in pest consultation at Terminix. Learn more at about her passion and experience at her blog.