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Is Buying A Fixer Upper Property Worth It?

If you’re on the market for a property that’s affordable, buying a “fixer upper” is something you’re probably considering right now – and for good reason! Of course, they’re cheaper than many other homes on the market, and you’re thinking about how you can turn the place into your dream home from the ground up! But you need to stop for a second and think about what will actually go into this process. 

A fixer upper can have both advantages and disadvantages for anyone who buys one, and you’ve got to weigh up the pros and cons equally because of it. And we want to make sure your home buying experience is the one you always dreamed of, which is why this post is here too. 

 

There’s A Lot Of Work To Do! 

A fixer upper property is just that – needing a fix! And that’s something you should never underestimate. You’re going to be spending quite a few months running through repairs, on top of needing to paint/wallpaper and tile/carpet in all rooms, and it could take upwards of 6 months before you actually move in full time. 

So, are you able to carry out this amount of work? And are you sure what projects you’ll have to undertake? This is where a conveyancer’s survey comes in handy, so think about utilizing such a service before entering an agreement. 

 

The Mortgages Tend To Be More Flexible

When buying a fixer upper, you’ve got to remember that a lot more of your finances are at stake. Sure, the upfront cost isn’t as much as you were expecting to pay, but the cost of the repair or renovation could end up breaking the bank over your head. Always take a look around the property, and think about getting a survey done to really detail out the scope of the work. 

Once you’re sure this is the property you want, you’ll then have the option to take out a couple of different mortgage types: you can use a conventional loan, or you can look into how a 203k will benefit you. And using a website like Mortgage Quote, you can find out what either of these loans are likely to provide you with before you’ve even put an application in to the bank or lender. 

 

The Practicalities Can Be Difficult to Arrange

So, once you’ve decided the home is right to buy, where are you going to live in the meantime? It’s dangerous to live around an active worksite, even if you’re the one conducting all the repairs, and who knows how practical it’s going to be to shower and use the kitchen for the first few months! Take some time to work out the logistics; you’ll probably need to rely on a friend or family member for a while. 

There’s a lot to learn right now, so make sure you keep in mind the main benefits and drawbacks of having a fixer upper property on your hands.

 

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