Buying and moving to a new home can be a long and stressful time in your life. Many people don’t want the extra hassle of having to do a lot of work on it immediately to make it liveable, but there is a lot to be said about buying a fixer-upper if you have the commitment to turning it into your dream home.
Price
If a property needs a lot of repairs both internally and externally, then it’s going to be priced with this in mind. Unless there are exceptional circumstances such as it being a historically significant building, or standing in a prime location, then you’re going to get a bargain. This could be the ideal scenario for you if you have a limited budget and are keen to build a house around your lifestyle.
An ideal investment opportunity
If you’re looking to flip or rent out a property, then a fixer-upper can be the perfect solution. The purchase price is cheap and you don’t have to spend a lot of money on the internal fixtures and decoration. As long as you’re using good quality materials and bringing the property up to a good standard, you don’t necessarily have to put the resources in that you would in a home for your lifestyle.
It may not be as bad as it looks
When considering buying a fixer-upper, it makes sense to get a professional to assess the damage. A property could look like an absolute derelict wreck but could be a better option than a home that looks fairly solid but has deeper, structural issues. It’s easier have performed superficial masonry repair than it is to completely redo the foundations or pin walls together to keep the house standing.
Having the home professionally assessed can give you a better idea of the damage. If the damage is structural or internal, then it could be a bigger project (and budget) to fix it. Issues with foundations and structural integrity could make it more expensive than buying a different property.
So when looking for your perfect fixer-upper, don’t always judge a book by its cover.
Future value
In an ideal world, when you sell a property, you want to get more than you paid for it. A number of factors could make that difficult. For example, the area you live in could become less desirable, or the economy could be experiencing a recession. If you’ve paid a lot less for your home, then there’s a good chance that when you come to sell it, you will get a lot more than the original purchase price.
Value isn’t just important for those wanting to sell their home. If you’re planning to pass on your home to your children when you die, then knowing that it’s a valuable asset can give you peace of mind.
A chance to build a home for you
Having to start from scratch when it comes to redesigning your home can inspire you to create your perfect place to live. Rather than just fitting in with the existing property layout, with maybe the occasional coat of paint or a new floor, you can build your lifestyle from the ground up, so that everything in it is something that you love or want.
