As a Raleigh area REALTOR®, one of the most common questions I get from home buyers is whether they should consider purchasing a fixer-upper. While there are certainly some benefits to buying a fixer-upper, there are also some important downsides to consider. In this post, I’ll go over some of the pros and cons of buying a fixer-upper, to help you make an informed decision.
- Value: The most obvious benefit of buying a fixer-upper is that it can be much cheaper than buying a move-in ready home. You can often find a fixer-upper at a significant discount, which can be a great way to get into a home that you otherwise couldn’t afford.
- Potential for appreciation: A renovated fixer-upper can increase in value, which can lead to a nice return on your investment.
- Customization: When you buy a fixer-upper, you have the opportunity to customize the home to your exact taste and needs. You can choose the colors, materials, and finishes that you want, which can make your home truly feel like your own.
- Time and effort: Renovating a fixer-upper takes a lot of time and effort. It can be a lot of work to plan and execute renovations. This is especially true if you’re not handy and you have to rely on contractors. You may end up living in a construction zone for a while.
- Costs: Renovations can be costly. It’s important to factor in the cost of repairs and updates when you’re buying a fixer-upper. Be sure to get a detailed estimate of the costs of the repairs you are planning to make and ensure the home is worth the investment. Also, make sure you have money set aside for when things don’t go to plan.
- Stress: Renovations can be stressful, and it’s important to be prepared for unexpected problems and delays that can arise during the renovation process.
Buying a fixer-upper can be a great way to get a deal on a home, but it’s important to weigh the pros and cons before making a decision. It’s also a good idea to work with a real estate agent who has experience with fixer-upper properties and can guide you through the process.
I’ve been in the business for over a decade. In that time I have not only helped many people purchase fixer-uppers, but I’ve also bought and sold them myself. So, I know the pitfalls to look out for when buying a home that needs some work.
If you’re thinking about buying a fixer-upper in the Raleigh area or eastern NC, give me a call at 919-887-5114 to get started.