Should You Buy a “Fixer Upper”?

Many people think it is a good idea to buy a fixer-upper.  However, while this is a good idea for some people, it’s not a good idea for everyone.  Whether you and a fixer-upper are a good fit is based on any number of factors.  Some of those factors are discussed below.  

You Want What You Want

Whether you want light cabinets and dark floors, or dark cabinets with light floors, you know what you want and you won’t live with anything else.  If this is you, perhaps a fixer-upper is your best bet.  This way, you can dictate all the terms.  From picking countertops to bathroom vanities, when you buy a fixer-upper, everything is negotiable. 

You Can Afford to Both Buy the Home AND Renovate It

Before you buy that fixer-upper, make sure you have enough money to fund the renovations, as well as buy the home.  The best way to do this is to bring a contractor to take a look before you buy.  If you are planning on handling the renovations yourself, take the time to price out the cost of supplies.  Then add at least 10 % to those costs, allowing for unexpected surprises once you remove the drywall, take out the stairs, or knock that hole in the wall.  Living with renovations is challenging enough.  Living in a home with renovations on hold can be an absolute nightmare.  Do yourself a favor and make sure you have the budget to handle it.  If you are considering financing the renovation, consider how much you can afford to pay monthly.  

You Have an Eye for Design

There are two kinds of people.  Those with vision and the ability to see how things could be rearranged, and those that don’t have that vision.  If you are able to imagine what the home might look like with the staircase moved to the front of the house, or with a bathroom added to the third floor, you might be the perfect person to buy a fixer-upper.  If, on the other hand, your vision is limited to lifting the wall to wall carpeting to see if there are hardwood floors below, a fixer-upper may not be the best choice for you.


Looking for a New Home? Let Us Help!

If you are looking for a new home, contact the experienced real estate agents at RE/MAX Hallmark Realty, Ltd.  Our agents can help you find the home of your dreams, whether you are looking for a fixer upper or a turnkey property.   We will help you find th neighborhood that best suits you and your family, then find the home that best suits your needs.  We look forward to meeting with you and talking about your hopes and dreams.  Give us a call today.  
 

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