Hey, I wanted to talk about all of the pros and cons of purchasing a fixer-upper. There are plenty of reasons why someone would want to and would not want to buy a property that requires a little extra TLC. Not all fixer-uppers are going to be worth while and not all of them are going to be complete write offs. Everyone’s definition of a fixer-upper is different, there is a very fine line of worth saving and complete tear down. Here are some pros and cons of a fixer-upper if you are thinking about investing in one.
- Money: You will either save or not save with a fixer-upper. You will either make money or loose money. If you are planning on buying a home to live in but have a smaller budget, going this route may be your best option. You could buy into the area you really want if you go for a fixer-upper, or buy the size/style that your budget wouldn’t allow otherwise. You could be saving money and buying into the area you want. The biggest way to save money with a fixer-upper is to do the labour yourself. This will really save on the repair cost. You want to be really careful when assessing a fixer-upper. You don’t want to buy a property that requires more money in repairs than it will ultimately be worth in the end. be very tedious on what you buy and the amount of work required.
- Time: Whether or not you plan to do the repairs on your own, a fixer-upper will take time. Time does equal money, but it will also save you money in the long run, especially if you are doing the repairs yourself. If you have the time then it is usually worth while. The down side to buying a property that needs immediate repairs is that it may be awhile before you can officially move in.
- Make it Your Own: You really have the opportunity to make a property your own when you put the work into it. You get a blank or almost blank canvas to really make the home your own. There is a real sense of pride that goes along with having a home that you “built”.
- Return on Investment: There is a better chance of getting a higher return on your initial investment when buying a fixer-upper. If done well and smartly a fixer-upper can not only be a great and wonderful personalized home, but it could potentially net you some profit. This is essentially the “flipping” a house idea. You could really make some money depending on how and what you do to a fixer-upper.
- Hidden Costs: A Fixer-upper will more than likely come with plenty of hidden costs. You really need to keep this in mind when deciding if this is a route you would like to go. You will encounter plenty of things you did not anticipate when fixing up a property, make sure your budget accordingly.
There are of course plenty of other pros and cons to buying a fixer-upper, these are just a few points to really get you thinking if it is right for you or not. It is imperative that you really understand what it entails and that it isn’t an HGTV show. You really need to understand value and what will and what will not add value to a home, as well as if the property itself has good bones.
Hey there, I’m Matthew Taylor. I work with individuals and families looking to buy or sell real estate in Regina and all surrounding areas who are looking for professional, responsive, and honest service to find the property that is best for them and sell their home in the quickest amount of time for the most amount of money. I want my clients to be the most informed, educated, and knowledgeable when purchasing or selling a home. I’ve been a Realtor® for a few years and I’ve served over 10 families to date. The best praise I’ve ever received from a client was:
“As first time home buyers we were nervous, we didn’t know anything about the real-estate market. Mathew Taylor was an amazing realtor to work with , he answered all our questions and made sure we were taken care of. He truly had our best interest in mind in helping us find the perfect home for our little family . We have nothing but good things to say about Matthew and just keep up the good work”.
Helping people to find the perfect home for them like that, makes me so proud and drives everything I do. If you’re looking for a Realtor who truly has your best interests at heart, Then we might be a good fit. I’ve earned two degrees, one in music performance and another in music education. When I’m not helping people find their perfect home, I can be found playing music, teaching music to kids, spending time with my family and friends, or volunteering at the YWCA. Want to learn more about how we can work together? Call or text me at 306-988-7554.