When it’s time to head out into the wide – and sometimes wild – world of real estate, you’ll have a lot of things to decide. Budget, size, location, and more will all impact your real estate buying decision. But one thing that everyone needs to consider when starting the hunt for the perfect home is whether or not they need to consider buying a fixer upper.
Should I Buy A Fixer Upper?
For centuries, the fixer upper has been a mainstay in the housing market. After all, those willing to invest a bit into giving a property some TLC may find that their home was even more stunning than they realized. But is a fixer upper right for you? It’s a harder question than you might realize, and taking a look at a few other points may help you come to an answer.
Are You Flipping?
Fixer uppers are bought for two main reasons – to fix fast and sell for a profit, or by those looking to save money on a great home. If you’re a home flipper, you’ll need to take a serious look at how much you’ll invest in the remodel and what comparable homes in the area go for when they’re in great shape. In other words, you have to see if you’re making a smart investment. If you’re buying to live in, you have a little more time and flexibility in how fast you finish the remodel and what the finished outcome is worth.
What Else Does It Offer?
Don’t just buy a fixer upper because it’s cheap – you’ll still end up investing thousands into the repairs and remodels, and that could end up bringing the overall cost to a spot very comparable to other homes that are in better shape. Instead, use the lower cost of a fixer upper to take advantage of things that you wouldn’t otherwise be able to access. For instance, you may not be able to get a home as large as a fixer upper at the same price, or one in the same neighborhood. Consider what the home offers to determine whether or not it’s a good buy.
Do You Have Time to Invest?
You’re not just investing money into a fixer upper – you’re buying something you’ll invest time into. If you can see the final vision in your mind and fall in love with what the home’s potential is, the next question is simply whether or not you have the time and energy to put into a fixer upper – or if you just want to buy a home, move in, and not worry about a thing.
These simple questions can help you determine whether or not a fixer upper is the right buy for you. Think about them and you’ll find your perfect home, no matter what it is.