If you’ve fallen under the spell of reality TV’s quick, dramatic transformations of fixer uppers, don’t be fooled into believing that the fairy tale ending is always the case.
Buying a fixer upper is a huge decision that shouldn’t be taken lightly. Here are some considerations to keep in mind if you’re looking at a diamond in the rough:
- Pride –If you love taking pride in your work and have the necessary skills, a fixer upper might just be the way to go.
- Personality –An older home will give you charm and character and fixing it up means you can add your own personal style.
- Inspect the Unexpected –Getting a home inspection is highly recommended so you don’t end up with a structurally flawed money pit.
- Getting Your Foot In the Door –Buying a fixer upper can be a great way to get into an area that you may not otherwise have been able to afford.
- Strong Foundation –Purchasing a fixer upper with a partner or spouse can put immense pressure on a relationship. The unexpected twists will drain time, money and energy. Living with the mess can also be stressful.
- Think Ahead –You may get a great deal but you need to carefully examine whether or not it will be a bargain in the long run. Think like the buyer who will one day purchase your home.
Buying a fixer upper can be an extremely rewarding experience but a lot of work. It is important to carefully examine the various pros and cons.