Are you in the market for a new property? If so, then you might have thought about getting a home that still needs some work. After all, you’ve been watching all of those renovation and remodeling shows on television, and it doesn’t seem too difficult. Of course, you have to remember that they make a home look great in the span of 40 minutes, but it takes quite a bit more time, not to mention sweat, in real life. Still, there are some good things about buying a fixer upper. There are also some negatives, and you have to think about those as well. Let’s look at the pros and cons of fixer uppers to help you make your decision.
The Pros of Buying a Fixer Upper
One of the biggest pros, and possibly one of the reasons that you are thinking about buying a house that needs work in the first place, is the fact that these homes are generally cheaper. You can buy more house for the money, or so it seems.
Another one of the benefits of buying a fixer upper is that you have the ability to make more changes, so you can make the home just the way you want. You are also able to build equity into the property as you are fixing it up, and you have the potential to raise the value of the home significantly.
Remodeling and upgrading the home has the potential to be quite fun, especially if you have a DIY spirit. Even if you aren’t very handy right now, there are still a number of things you can learn to do relatively quickly. This can help to keep the cost of the renovation down, and it can be a good experience.
The Cons of Buying a Fixer Upper
Even though you might be able to buy a home for less, you have to think about the cost of the work that will go into the house. Depending on what is wrong with the property, you might end up putting in quite a bit more money than you were anticipating. If you are going to buy, you need a full inspection and you need to know everything that is wrong with the house so you can calculate what it will cost to fix. Even though you can make the house just the way you want it, if you aren’t careful, there is still a chance that you could go over budget, so be very careful.
You have to be willing to put in quite a bit of work to the property, even if you only have to make some minor repairs. It will mean giving up much of your free time on the weekends and in the evenings in many cases. If you don’t commit to spending the time to improve the home, it will never be finished.
As you can see, there are pros and cons to buying houses that you have to fix up. Make your decision carefully.