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To Buy or Not to Buy a Fixer-Upper
How to Determine If a Fixer-Upper is for You
Pros of Buying a Fixer-Upper
- Lower price: Fixer-uppers are known to be listed at exceptionally low rates, with a low down payment. This is due to all the work and maintenance it needs.
- Less competition: Because fixer-uppers are not aesthetically pleasing to the eye, other homebuyers may not want this type of home.
- Customization: With the freedom to remodel a fixer-upper, you have the option to make it completely customizable to your needs. If you are flipping the home, remodeling to current market trends is also a good idea.
Cons of Buying a Fixer-Upper
- Costly Renovations: Fixer-uppers that require a lot of work may end up breaking the bank and costing you more.
- Budgeting Issues: While renovating, there may be issues that arise and become costly, especially during an inspection. This can offset your budget or put certain projects on hold.
- Construction Timeframe: A fixer-upper can spend a long time under construction, making the home hard to live in.
Should I Purchase a Fixer-Upper?
- Conduct Home Inspections: This will determine how much structural work needs to be done to the home pertaining to issues involving electricity, plumbing, and foundation. If the house needs significant structural improvements, avoid the home altogether. Major repairs will not raise the value of the house enough to offset the cost of renovations.
- Estimate Renovation Costs: This will help you determine your budget. Pick a home that requires more cosmetic improvements rather than structural, since this can save costs. There are also financing options that are specific to fixer-uppers.
- Apply for Permits: Many towns require permits in order to perform renovations or to build upon an existing property.
- Research Existing Homes in the Area: Get a good idea of what other homes in the neighborhood previously sold for and consider general models to help it sell in the future.
After Purchasing a Fixer-Upper
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