If you’ve fallen under the spell of reality TV’s quick, dramatic transformations of fixer uppers, don’t be fooled into believing that the fairy tale ending is always the case.
Buying a fixer upper is a huge decision that shouldn’t be taken lightly. Here are some considerations to keep in mind if you’re looking at a diamond in the rough:
- Pride – If you love taking pride in your work and have the necessary skills, a fixer upper might just be the way to go.
- Personality – An older home will give you charm and character and fixing it up means you can add your own personal style.
- Inspect the Unexpected – Getting a home inspection is highly recommended so you don’t end up with a structurally flawed money pit.
- Getting Your Foot In the Door – Buying a fixer upper can be a great way to get into an area that you may not otherwise have been able to afford.
- Strong Foundation – Purchasing a fixer upper with a partner or spouse can put immense pressure on a relationship. The unexpected twists will drain time, money and energy. Living with the mess can also be stressful.
- Think Ahead – You may get a great deal but you need to carefully examine whether or not it’ll be a bargain in the long run. When renovating, you must think like the buyer who will one day purchase your home.
Buying a fixer upper can be an extremely rewarding experience but it’s also a lot of work. If you’re thinking about going this route, it’s important to carefully examine the various pros and cons. Please don’t hesitate to get in touch if you have any questions!