So you want to buy a fixer-upper?
So you are thinking of buying a fixer-upper but aren't sure what to expect. For some people the idea of buying a home that needs a lot of work can be a little daunting. And for others, the thought of purchasing a home that needs a little love in an incredible neighborhood, and are able to remodel it to their taste, is ideal. While it is true that a fixer-upper has the potential to be your worst nightmare, there are also incredible benefits that you simply can't ignore. Below we have listed some pros and cons that come with purchasing a fixer-upper home that we hope will be helpful and inspiring when making your decision:
Pros:
-Remodeling the bathroom and/or kitchen have the potential to drastically increase the value of your home
-Buyers can design and pick out the finishes to match their taste
-Do you love a neighborhood but can't afford the area? A fixer-upper allows you to purchase a home in your ideal neighborhood that otherwise may have been out of your budget and reach
-Makes owning a home attainable for eager buyers
-Since property taxes are based on the home’s sale price, homeowners will reap major tax savings on a fixer-upper
Cons:
-There is a ton of extra work that goes into a fixer-upper than a home that is move-in ready
-You are almost guaranteed to go over budget
-Renovations are usually met with a lot of stress and can be very time consuming
-Costly surprises are sure to pop up that can expand the timeline and budget of the project