Is Buying a Fantastic Fixer Upper the Right Choice?
For some, the decision to buy a home in need of repairs is an easy one. If you’re handy to begin with, or would like to spend a lot of time making improvements on your new home, it seems like a no-brainer. Often, people are unaware of the costs (in both time and money) for fixing a home up. If you’re considering sacrificing upgrades for a lower price, check out these advantages and disadvantages and find out what is best for you.
How Low Can A Fixer-Upper Go?
- Almost always, the price of a home that needs major work done will be drastically reduced.
- If the home you’re looking into is a short sale, understand that you’re getting things as is, which can often include appliances or other things that have been left by the previous owners.
- Ability to control the repairs and have autonomy over what the home will eventually look like.
- You can add value to your home by renovating the kitchen and bathroom and by adding curb appeal.
The Scary Side Of Purchasing A Fixer-Upper
- Sometimes, you end up putting in way more work and money than anticipated.
- If you don’t have a proper inspector come, you could be surprised by the condition and whether or not it’s liveable.
- Some foreclosures are in awful shape - bad walls, intentional damage, etc. It’s up to you to foot the bill on all repairs.
- Additional insurance and building permits may be required when purchasing a fixer-upper. Some residential zoning restrictions may place limits on adding additions to the property. It may be difficult to find the right Home Owners Insurance to cover your needs.
When buying a home
it is especially important to consider unexpected costs or obstacles that may arise. This is especially important when purchasing a fixer-upper. Consider discussing with your real estate
agent and a trusted inspector the additional needs of the property. Obtaining a realistic report of the properties repair needs could be the difference between purchasing your dream home or your nightmare.