The Pros and Cons of Buying a Fixer Upper House
What Is A Fixer Upper?
A fixer upper is a home that needs a significant amount of remodeling or repairs - way more than just some new carpet and paint, these houses often need a lot of work.
Fixer uppers can range from dated homes that need many cosmetic repairs to houses that need major internal and external renovations. If you don’t have any prior experience doing your own home renovations, you’ll want to think long and hard about whether a major fixer upper is right for you.
The Pros of a Fixer Upper
By far, the biggest pro of a fixer upper is the price. Especially if the property is functional and just needs cosmetic repairs, a fixer can be a great way to save money when you’re a buyer in a seller’s market. Often, these properties are priced to sell lower than others because the owner and agent understand that they need repairs.
Also, with a fixer upper, you get to decide exactly how you want it to look to build your dream home. Many buyers will choose not to change fresh renovations even if it’s not exactly their style, but with a fixer, you can design it to your own specifications.
The Cons of a Fixer Upper
While a lower price point might be a pro, you will likely end up spending the difference - or more - on home repairs. Sometimes, there is more to repairs than meets the eye, and you might find yourself uncovering a domino effect of shoddy workmanship you’ll need to fix, which can put you well over your budget. Nine times out of ten, contracted work takes longer than expected. Whether it’s due to projects that come up on the job that take more time or due to the contractor’s other commitments, you should expect to add time to your estimated date of completion. Plus, more time always equals more money. For people who just want to start living in their house rather than worrying about letting contractors in and out all day, this is a major con to a fixer upper.
While a lower price point might be a pro, you will likely end up spending the difference - or more - on home repairs. Sometimes, there is more to repairs than meets the eye, and you might find yourself uncovering a domino effect of shoddy workmanship you’ll need to fix, which can put you well over your budget. Nine times out of ten, contracted work takes longer than expected. Whether it’s due to projects that come up on the job that take more time or due to the contractor’s other commitments, you should expect to add time to your estimated date of completion. Plus, more time always equals more money. For people who just want to start living in their house rather than worrying about letting contractors in and out all day, this is a major con to a fixer upper.
Conclusion
Fixer uppers aren't for everyone, but if you want a low-priced property to transform into the home of your dreams, a fixer upper might be perfect for you.
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