Your Guide to Buying a Fixer-Upper

If you’ve ever been sucked into an HGTV binge watching rabbit hole, there’s a good chance you’ve toyed with the idea of buying a home that needs a little TLC. Surely if the perfectly manicured lady in the stilettos and a sundress can rehaul a graffiti-laden hovel into a cozy family home, surely you can too. However, before jumping into buying a fixer-upper, it’s important to weigh the benefits and drawbacks you can expect.

The Benefits of Buying a Fixer-Upper

Buying a fixer-upper home may seem like a daunting task, but it can also be a great investment for many reasons. Not only can it be more affordable than buying a move-in ready home, but it also allows you to customize and personalize your home to your liking. Not to mention, you’ll get the satisfaction of transforming a one run-down property into your dream home!

Lower Price Point

One of the most significant benefits of buying a fixer-upper home is the potential for a lower price. Move-in ready homes usually don’t need many repairs or updates, if any, and their market valuation will take that into consideration. Homes in need of obvious repairs or renovations will also have prices to reflect that, as well. This can help you to save a significant amount of money in the process of buying a house, making homeownership that much more attainable. You may even have the ability to negotiate an even lower price based on necessary repairs, especially when backed up with a report from a home inspector!

Customization & Personalization

When buying an existing home, customization and personalization become more limited than buying a new construction home. However, if you are buying a home already in need of significant renovations and repairs, you get to enjoy a lovely middle-ground between the two property types.

With a fixer-upper, you have the freedom to choose finishes, fixtures, and layouts along the transformation journey, without having to compromise on someone else’s design choices. This can result in a home that perfectly fits your style and needs without having to break new ground.

The Drawbacks of Buying a Fixer-Upper

Despite the attractive advantages, it is important to note that buying a fixer-upper home is not without its downsides. Most obviously, the required repairs and renovations can be time-consuming and costly. And if you are buying a home to live in, you’ll have to decide whether you want to wait and move or live in a construction zone for an extended period, which can be very stressful. You also need to consider the extent of work that is needed and whether you have the skills and resources necessary to tackle them.

If you are up for the challenge and willing to put in the work, buying a fixer-upper home can end up being more than worth it. Not only could you potentially save money in the long run, but you can also create a home uniquely tailored to your preferences and lifestyle. Plus, you may even yield a healthy return on your investment when it comes time to sell. Remember: people make a living out of just flipping houses—there must be something to it!