Buying a house is a big decision, regardless of whether you’ve purchased property before or if this is the second home away from home you’ve been researching for years. If you’re interested in staying more frugal at the time of the initial buy, that’s the perfect reason to buy a fixer-upper home. Though purchasing and renovating a whole home isn’t for everybody, here are a few reasons to invest in one!
What is a Fixer-Upper?
A fixer-upper home is any home unit that needs some love in the form of extensive renovation and or maintenance. This could mean a full gutting of the house and yard or rooms needing more attention than others, either way, it’s a home you’re going to be investing in to essentially “fix it up.” Generally speaking, a fixer-upper is an excellent way to build equity or flip the house to resell!
A Fixer-Upper Can Be Your Dream Home
A big reason to invest in a fixer-upper is the home becomes yours, customized to your taste. Every detail becomes your own design and if you’ve always dreamed of a yellow front door, guess what, now’s your chance! Lighting choices, cabinets, floor plans, it all becomes a wonderful way for you to express yourself. If you’re the kind of person who lives for DIY and can walk into a space and start thinking “what if I knock this wall down” or “imagine if I painted this wall dark blue,” a fixer-upper house might just be the perfect new project for you!
Lower Initial Costs, But Remember to Budget!
Like we’ve mentioned, a fixer-upper will cost much less upfront than a move-in ready home, but because it’s a fixer-upper, make sure you’ve got the funds set aside to begin the renovations soon after purchasing. This isn’t to say that you can’t save money by purchasing a fixer-upper house, because you absolutely can. Budgeting for your fixer-upper home will help you understand just how much money you’ll need to put aside for a home that needs some love.
A Few Tips
Always make sure to have a professional inspection done on the home before you purchase as the inspector will be able to give you useful information on what will need fixing and may be able to give you an approximation of the costs. Also, consider the amount of work it will take to renovate a fixer-upper as it’s no easy feat. Working with your own two hands on your home can be incredibly rewarding, but be sure to weigh the physical, emotional and financial stress fixing up a house can require. And always prepare for the unexpected, such as a permit for structural work or window installation.
If you’re looking for a move-in ready home, a fixer-upper likely won’t be the right fit for you. A fixer-upper home is a labour of love and careful consideration and planning should preclude the thought of purchasing. But, if you’ve always loved doing things with your own two hands and you’ve got an idea, a fixer-upper is the perfect way to build equity and build something you really care about.