3 Things To Consider Before Buying A Fixer Upper
With the housing market the way it is currently, many people who are interested in buying a home are having to either pay way more than they had anticipated in order to secure a property or are having to drastically lower their idea of what they want from their home.
Because of this, many people are looking to purchase fixer uppers when this wasn’t something they had even considered before.
If this is something that you’re thinking about doing, it’s vital that you know exactly what you’re getting yourself into beforehand. And while finding a great realtor to work with can be a huge benefit, you should also do a lot of research on your own. So to help you with this, here are three things to consider before buying a fixer upper.
Make Sure The Location Is Right
While loving the location of your home is vital for all home purchases, this is even more important when you’re looking to buy a fixer upper.
According to Sarah Li Cain, a contributor to Bankrate.com, the best situation for someone looking to buy a fixer upper is to get the worst looking home in the best neighborhood. If you don’t know what neighborhoods in your area are the best, this is when working with a real estate agent can be invaluable. Or, if there’s an area that you love, keep your search for fixer uppers in this space and don’t compromise.
Figure Out A Rough Estimate Before Buying
When you’re looking at buying a fixer upper, you’re going to already be planning on spending a lot of money to make the property something you’ll absolutely love. However, this doesn’t mean that you should go into the situation without knowing, at least roughly, how much it looks like you’ll have to spend to get to this point with any home you see.
To do this, G.M. Filisko, a contributor to HouseLogic.com, recommends that you learn what the price of some of the most common renovations are so that you can estimate how much you’d be paying to make those renovations in any home you consider buying. This can help ensure that you don’t get in over your head financially when looking at a fixer upper.
Be Realistic About The Work You Can Do Yourself
To save money on the renovations for your fixer upper, you may be thinking that you’ll take on as much of the work yourself as you can manage. But when figuring this into your budget and timeline, Elizabeth Weintraub, a contributor to The Spruce, advises that you be very realistic about what you can do yourself.
While it’s relatively easy to make fixes like patching walls, painting, or replacing doors and windows, actually finding the time and desire to do this might not make it worth it to you.
If you’re contemplating buying a fixer upper for your next home, consider using the tips mentioned above to help you learn if and when this could be the right decision for you.