Pros And Cons Of Buying Fixer Uppers

Dated: April 5 2016

Views: 770

A common dilemma when house hunting is whether to purchase a home that’s move-in ready or a fixer-upper to renovate yourself. On paper, a finished home is the hassle-free, low-risk option; fixer-uppers pose greater risks and require more time to reach the end goal. However, if you consider yourself a jack of all trades and are willing to get your hands a bit dirty, the benefits of a fixer-upper can be well worth the effort.

1-fixer-uppers-MAIN.jpg
Before

Contractor tip (Jonathan): 
When looking at the decision from a construction standpoint, there are pros and cons to buying a renovator’s special. It’s no secret that it takes more time and effort than a move-in-ready home. Asking yourself important questions – Am I able to tolerate living through a renovation? What’s my renovation timeline? Can I be accommodating if it ends up lasting longer? – will help determine if you’re the type of person who can handle the process. If you’re willing, the whole procedure of buying and renovating a fixer-upper can be very rewarding. It can open the door to greater possibilities like the ability to purchase a larger house or live in a preferred neighbourhood.


With today’s popular DIY mentality, you have to be careful. It’s easy to overestimate what you’re capable of and underestimate the difficulty of home renovations.


fixer-upper-MAIN.jpg
After

Real estate agent tip (Drew): 
From a real estate perspective, there are many positives to investing in a fixer-upper. If you’re able to find a home in your desired area that’s far below the cost of the average neighbourhood house price, it’s a great opportunity to secure property in a coveted location. You’ll not only benefit now but also in the long run, as living in an established, sought-after neighbourhood is a common must-have among house hunters, which will likely increase the resale value of your home.


If you’re someone who loves the charm and character of an older home paired with modern conveniences, buying a fixer-upper is a good route to take.Undergoing major home renovationsoffers the opportunity to customize the house to your style.


Source

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

6 Home Upgrades Buyers Want In The COVID19 Era

If you imagined 2020 was the year you would finally list your house for sale, you may have hit the brakes on those plans when the coronavirus pandemic arrived.But now, we’re more than six months

Read More

Builder Confidence Breaks Previous 35 Year Record High

The National Association of Home Builders and Wells Fargo Housing Market Index rose two points to 85 in October – the highest score the series has ever recorded since its inception 35 years ago

Read More

7 Simple Renovations To Coronavirus Proof Your Home

As much as we all wish we could go back to a time when social distancing was a foreign concept and masks were just something you wore with a Halloween costume, it’s clear by now that COVID-19’

Read More

The Forbearance Crash Bros Spoke Too Soon

The health and economic crisis has made 2020 a horrific year for many Americans. Added to all that misery we had terrible fires in the West and hurricanes in the East.  From my perspective,

Read More