Is a Fixer Upper Right for You?

Are you in the market to buy a home but feel like almost everything is out of reach? There’s still a way to become a homeowner, even when affordability seems to be a roadblock. Maybe a fixer upper can work for you. Let’s discuss why buying a fixer upper could make you become a homeowner, and how you can make it work.

What Is a Fixer Upper?

A fixer upper is a home that can be lived in but needs work. The amount of work varies. Some may need a few cosmetic updates like paint and new flooring, while others might require more extensive repairs like replacing a roof or updating the plumbing.
Because these fixer uppers need some TLC, imagination and elbow grease, these homes typically have a lower price point based on the local market value.

Fixer uppers generally cost less than move-in-ready homes. This is why buyers may consider a home that needs a little extra work. If you’re looking for an option to get into another or your first home, and you’re willing to do some work, a fixer upper may be a good option.

Tips for Buying a Home That Needs Some Work

Before you buy a home that needs work, here are a few things to think about:

Choose a Good Location: You can repair a house, but you can’t change where it’s located. Make sure the home is in a neighborhood you like or one with good property values and local amenities. This way, even after you spend money fixing it up, the house will be worth more later.

Budget for the Unknown: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you’re working on the house.

Get a Home Inspection: Before you buy, hire a licensed home inspector to check out the house. They can help you determine needed repairs, so you may not end up with expensive surprises later.

Plan: When deciding what to repair or renovate first, it helps to make a plan for your goals with the “must haves” (essential repairs), the “would-be-nice-to-haves” (upgrades that yopu’d like to have), and the “dreams” (luxuries you can add later). This will help you prioritize and stick to your budget.

The perfect home is the one you perfect after buying it. By starting with a fixer upper, you can customize the home the way you like while saving money on the purchase price. It just takes some careful planning, budgeting, and a little bit of vision! You can turn a fixer upper into your perfect home.

Realtors are great at finding homes that have good potential. They know the local market and can guide you to homes where upgrades can add value. By letting your Realtor help find you a fixer upper in your desired area you will be more likely to find a house that fits your budget and has room for the improvements you’d like to see.

Conclusion

Today, the cost of homeownership can be intimidating. Finding a move-in-ready home that fits your budget can feel very challenging. If you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. We can help you explore what’s possible and find a place that will work for you. Call us today to get started on your search!