Taking a run-down, bargain-priced house and turning it into your dream home is a tempting idea — especially when it looks so fun and even easy on TV. While buying and renovating a fixer-upper may not be easy as it looks on reality shows, it can be rewarding if you go in with the right knowledge.
So what do you need to know? Let’s take a look at a few of the benefits and challenges that come with buying a fixer-upper:
Benefit: The purchase price is appealing.
If the property needs work, you can likely find a bigger house and more land for less money than a move-in ready property.
And you might find that some lower-priced homes only need minor cosmetic work. If you have the vision to see how fresh paint, new flooring and upgraded lighting can transform a house, you might land a real steal.
Challenge: Investor Impact
Be aware that investors may also be hunting for run-down properties to flip. This sometimes artificially inflates a fixer-upper’s price beyond its original bargain status.
Benefit: You might get into an otherwise unaffordable neighborhood.
Is there an area you’ve been eyeing for a while, but the listings are out of your price range? Finding a house that needs some TLC is one way to get into that sought-after zip code.
Challenge: Renovation Costs
Before you buy a fixer-upper, fully investigate how much work is needed and how much time and money it will take. This will keep you from overpaying or remodeling your house out of market range.
Benefit: There are more opportunities for personalization.
Buying a turnkey house may be work-free, but does it feel like home? When you remodel a fixer-upper, the end result is your personal masterpiece.
Challenge: Unexpected Problems
Make sure you’re mentally prepared for hiccups. There are almost always unexpected issues that pop up with fixer-uppers.
Remember, you don’t have to go it alone. Get in touch today for help with your home projects.