Is A Fixer-Upper Worth It To You?
Posted on: 11 March 2019
Buying a fixer-upper home can be a drawback or a benefit, depending on what your budget is and other factors. If you don't have a lot of money to spend or you want real estate that is affordable so you have room to fix up the property, a fixer-upper home can be a great option. However, buying a home that needs work is not always the wisest thing to do. Here are things to consider before you decide a house that needs some TLC is worth it to you.
You have some handy skills
How handy are you? If you can do some basic framework, know how to stretch carpet, and can put shingles on the roof, then buying a house that needs a bit of work can be a benefit to you. The less you have to pay a contractor to fix up a home, the more money you can save on your project.
However, if the house needs a lot of extensive work or needs stuff done that you're not comfortable with, such as plumbing or major roof repairs, then buying a house that needs fixing can actually be more costly than you realize. Think about the tools, supplies, and time the house will need on your part before you buy any home that needs work.
The house is in a good location
Sometimes a house gets neglected because someone died, the home reached foreclosure, or other things happen. If a house is in a good location or has a great landscape, then the investment may be worth it simply because surrounding homes carry a lot of value.
If the home is in a poor location and other homes nearby are also poorly, then odds are no matter how well you fix the property up, its value won't be fully recouped when you resell in the future. While finding a fixer-upper in a great location can be difficult, your real estate agent will work with you to help you find the right home worth fixing up for making a profit.
The house has some sound features
A home that needs just minor repairs is worth the investment because you won't have to put a lot of money into the home. Consider a fixer-upper that has good carpet, nice hardwood floors, unique architecture, a solid landscape, a newer roof, or other positive features, even if a few other things, such as windows or interior design, need to be upgraded.
Share