Pros And Cons Of Buying An Omaha, NE Fixer-Upper
If you are searching for a new home, chances are you’ve come across some properties that need some serious love, attention and renovations. And if you initially turned an eye to those homes you may be missing out on an opportunity to turn that eye sore into your dream abode.
In today’s blog post we are going to be covering the pros and cons of purchasing a fixer upper. This information will give you an overall picture of what you are getting with an older property and allow you to examine if that route is one you want to take. Let’s dive right in!
Pros of buying a fixer-upper:
-Customize the home to your liking. Purchasing a fixer-upper allows you the opportunity to personalize and customize the home to your specific taste and wants when doing the repairs/upgrades.
-Your dream neighborhood. Do you have a part of town you love but the price tags don’t fit your budget? A fixer-upper may allow you to buy a home in your price range in a part of town that otherwise may have been too expensive.
-Potentially save money on your home purchase. In some cases, what it would cost you to purchase and fix up and older home can end up being less than what it would have cost you to purchase a new house.
-Adding value to your home. Certain home renovations, such as bathrooms and kitchens, can add value to your house. This is especially true if you purchased the property below its market value.
Cons of buying a fixer-upper:
-Time and budget. As renovations go, it is not uncommon for the project timeline to take longer than initially expected and cost more than was originally quoted. Things happen – expect the unexpected.
-Invisible repairs. While many repairs are obvious and can be seen with the naked eye, there is potential for some real work to be hiding behind the walls. Rewiring the house to accommodate modern appliance standards, for example, can leave you with a large, unexpected bill.
-Living in and financing the renovations. You will be living in a construction zone until the project is completed if you are not able to find alternative living arrangements. Additionally, you will either need to secure a home renovation loan or have cash in-hand to finance the renovations.
-Time-consuming. Be prepared to spend time on the home renovation project, whether it’s picking out finishing’s, redesigning layouts, settling on paint colors, etc. you will be busy and consumed until things are wrapped up.
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