The Pros and Cons of Buying a Fixer-Upper
It’s something we’re sure at one time or another, you’ve imagined. You take a house, a house that many would see as decrepit and decaying, and turn it into something extraordinary. You’ve seen it done on countless shows on the always entertaining HGTV channel. You might have even had first-hand experience on how a drastic interior renovation can be successful. But no matter what first might have introduced you to this concept, one thing is certain: people’s love and fascination with buying a “fixer-upper” home are not going away any time soon.
But sometimes, a television show, or one person’s successful project, doesn’t necessarily guarantee success for your own “fixer-upper.” Any number of unforeseen complications can arise with any large undertaking, and unfortunately, big complications often translate into big expenses. Many homeowners like you, or those considering purchasing a “fixer-upper” may be asking themselves, “is all that trouble really worth the end result?
Here are the Pros and Cons of purchasing a “Fixer-Upper:”
It Meets Your Taste
Customization is by far one of the biggest advantages of purchasing a “fixer-upper” house. You can make key rooms such as the kitchen and the master bathroom perfectly suit your style while making the rooms both functional and aesthetically pleasing.
You Can Get Into Your Dream Neighborhood
Have you always envisioned living in a certain part of town, but the typical price tag of homes was outside of your comfort zone? A fixer-upper in a great neighborhood can get where you want to be. If you can spend $375,000 and put some $75,000 into it, now you're in the neighborhood for $450,000 rather than $500,000. It can be a great deal.
Paying Extra Attention to Budget
Going over your budget is a fairly common reality when it comes to buying a “fixer-upper.” Things that homeowners might not immediately consider, such as the condition of the current roof, foundation, plumbing, an outdated electrical system, or furnace/air system can often lead to big repairs, especially in older homes. Costs like these often take away from the more “fun” projects.
Buying a home that is defined as a “fixer-upper” can cause stress and tension in many families. This anxiety can become even more intense when you are adding multiple renovations to the already complex process of buying a home.
It’s hard to deny the appeal of purchasing a home that many have defined as a “fixer-upper;” you get a quality home for a low price, as well as the added bonus of customizing it to become the home of your dreams. Or, you can choose to put it back on the market and obtain a substantial profit in the resale. But sadly, some dreams must remain dreams, and in certain circumstances, a “fixer-upper” home may uncover hidden problems and multiple expenses. Only you can decide if buying a “fixer-upper” house and renovating it to your liking is worth it.
For more information on the advantages and the disadvantages to buying a “fixer-upper,” trust your friends and experts at Karges Realty in Joliet, IL. Real Estate Broker Nancy Hibler would be honored to put you in the house you’ve always envisioned. Call (815) 263-5791 or email firstname.lastname@example.org today.