Is a Fixer Upper Right for You?

Looking to buy a home but feeling priced out of the market? Here’s the thing: homeownership is still within reach, even when affordability feels challenging – and a fixer-upper might just be your answer. Let’s explore why buying a fixer-upper could be your pathway to owning a home and how to make it work for you.

What Is a Fixer Upper?

A fixer-upper is a home that’s structurally sound but needs some work. The scope of that work can vary greatly – some may require cosmetic updates like removing wallpaper or installing new flooring, while others might need larger repairs such as a new roof or updated plumbing.

Because they need some TLC, fixer-uppers are often priced lower, reflecting their local market value. A survey by StorageCafe found that fixer-uppers typically cost about 29% less than move-in-ready homes. This affordability factor is a big reason why many buyers are considering homes that need a bit of extra effort right now.

If you’re open to rolling up your sleeves and investing some work, a fixer-upper could be a great way to enter the housing market and turn a house with untapped potential into your dream home.

Tips for Buying a Fixer-Upper

Before jumping into a fixer-upper purchase, here are a few tips to keep in mind to make sure it’s a wise choice:

1. Choose a Good Location
   While you can make repairs to a house, you can’t change where it’s located. Look for a home in a neighborhood you like or one with rising property values and growing amenities. This way, your investment has the potential to increase in value even after repair costs.
2. Budget for Surprises
   Renovating a house often takes more time and money than anticipated. Make sure you leave some flexibility in your budget for unexpected repairs or additional costs that may arise as you work on the house.
3. Get a Home Inspection
   Before purchasing, hire an inspector to assess the house. This will help you understand the scope of necessary repairs and avoid costly surprises down the line.
4. Plan Your Priorities
   When deciding where to start, it’s helpful to categorize your goals. Think of your home’s needs in three categories: must-haves (essential repairs), nice-to-haves (upgrades that would enhance functionality), and dream-state features (luxuries to add later). This approach helps you focus on essential work and stay within budget.

Remember, a “perfect” home doesn’t have to be perfect when you first buy it – it’s something you can create over time. By starting with a fixer-upper, you gain the opportunity to customize the space to your preferences while saving on the initial purchase price. With thoughtful planning, a realistic budget, and a little creativity, you can transform a house that needs some love into a home that’s just right for you.

Partner with a Real Estate Agent

Real estate agents can be invaluable when it comes to finding homes with potential. With a deep knowledge of the local market, they can guide you to properties that could benefit from smart upgrades. Their expertise can help you find a home that fits within your overall budget and offers opportunities for worthwhile improvements.

Bottom Line

In today’s market, where the cost of move-in-ready homes can be daunting, finding a house that fits your budget may feel like a challenge. However, if you’re willing to invest some time and effort, a fixer-upper could be your path to homeownership. A local real estate agent can help you explore the possibilities and find a property that meets both your needs and your vision.