Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner. Even when affordability seems like a huge roadblock it might be a possibility to own a fixer upper.
What is a Fixer Upper?
A fixer upper is a home that is in livable condition but needs some work. The amount of work varies by home. Some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing.
Because they need some elbow grease, these homes typically have a lower price point. A recent survey by StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes.
And that’s why more buyers are considering homes that need a little extra work right now.
If you’re looking for an option to get your foot in the door, and you’re willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option.
Tips for Buying a Home That Needs Some Work
Before you buy a home that may need a makeover, here are a few things to keep in mind:
- Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later.
- Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you’re working on the house.
- Get a Home Inspection: Before you buy, hire an inspector to check out the house. They will help you determine the necessary repairs so you don’t end up with expensive surprises later.
- Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves, the nice-haves, and the dream state features. This will help you prioritize and stick to your budget.
Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home.
I am great at finding homes with potential. I know the local market and can guide you to homes where smart upgrades can add value. With my help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements.