When considering buying a fixer-upper, it’s important to know exactly what you’re getting yourself into. Buying a fixer-upper can come with repercussions you aren’t prepared for; as well as the reward of having a “new” house. Below is a list of pros and cons to consider when buying a fixer-upper:
Looking ahead. Buying a fixer-upper and transforming the house for the future adds money to your pockets and invests in the value to the house.
Creating your vision. If you buy the house below market price, you’ll have more money to renovate and transform the house into your dream home. Adding your choice of appliances, fixtures, carpets, floors, lighting, etc. customizes it to your needs and desires.
Dream location. Buying a fixer-upper in your dream location makes you happier knowing you’re in the neighborhood of your choice without breaking the bank.
Overbudget. Renovating a home isn’t cheap, especially if you make major changes, such as replacing all the windows or changing the electrical system. You can go well over your intended budget, so you might pay more for renovations on your fixer-upper compared to buying a fully renovated home.
Constant construction. If you decide to live in your fixer-upper while renovations are happening, you will have to get accustomed to the sounds of power tools and construction workers walking in and out of your home.
Stress. Buying a house can be stressful, especially if it’s a fixer-upper. It’s time-consuming, expensive and work heavy. You can feel spread thin with all the tasks you need to manage while renovating. This experience can be detrimental to a relationship, especially when stress and differing opinions are added to the mix.
Whether you decide to purchase a fixer-upper or not, make sure you’re fully committed, have the money, and research what it takes to buy and renovate a fixer-upper. If done smoothly, you’ll have a great bonding experience with your partner as well as a beautifully renovated home.
If you’re looking to begin the homeownership process and don’t know what to do, contact a vLoan loan officer today.