Buying a ‘fixer-upper’ (a property that needs a lot of work put into it to make it comfortably habitable) might not be something everyone is keen to do. After all, it costs a lot of money, takes a lot of time, and there is a lot to consider at every step of the process. It’s much easier to buy a property that doesn’t need any work doing to it, and live in it right away. Yet despite this, there are some great reasons to buy a fixer-upper, and it might be that, once you read what some of them are, you decide it’s the right thing for you. Read on to find out more.
When you buy a property that needs to be renovated, they are usually sold at below market value. This is because the real estate agent knows that money and work will need to go into the property, and in order for it to be appealing, it has be marketed at a much lower price than a property you can move straight into and not have to pay anything to fix up.
When you think of it this way, you can actually buy a much bigger property than you would have been able to if you weren’t willing to do some work on it. You can buy the kind of house that you would not be in your budget if you paid full market value. Or you can buy somewhere in a much nicer neighborhood.
Of course, to make this idea work, you’ll need to factor in the cost of renovations. It might be that, once you add this up the house isn’t quite so affordable after all, so you’ll have to research how much the work is going to cost you. You’ll also need to consider security; if you’re unable to live in the house while the work is being carried out, you’ll need CCTV, an alarm system, tech from Mosquito Loitering Solutions, and perhaps even a security guard.
Again, this idea will depend on the circumstances, but in many cases a house that needs a lot of work doing to it – a real fixer-upper rather than one that just needs a few cosmetic updates – won’t have anyone living in it. In other words, there won’t be a property chain to worry about. This means that the process of buying will be much quicker, especially if you don’t have a property to sell in order to afford the new one.
Sometimes you’ll find these fixer-uppers in auctions. This can be a great way to snap up a bargain when it comes to property, but be careful; any agreement made in an auction is binding, so do your research first.
Create Your Own Vision
One of the best things about buying a fixer-upper is that you can do whatever you want to it. It’s a blank canvas for you to put your ideas into and create your own vision of the ideal home. You can take everything back to the bare walls and start completely from scratch if that’s something you’re interested in doing, or, if there is a feature you particularly like, you can keep it and use it as the basis of the rest of the design.
It’s not often we have the chance to make our homes exactly as we want them, but when you buy a fixer-upper not only is that something you can do, it’s something that, more than likely, you’ll have to do.