Should You Buy A Fixer Upper? – Whether you’re considering a fixer upper for your first home or 10th home, it’s important to know what you’re getting into. When buying a home you have the option to purchase a move-in ready home (no work needs to be done) or a fixer upper (the home needs some work), and there are quite a few things to consider to determine which option is the best for you at this time. From Realtor.com, here are some things to consider to determine whether or not a fixer upper is right for you, and what to look for if you determine that is it a good option.
Your Financial Situation
You need to determine your current financial situation to figure out whether or not a fixer upper is right for you. If you can’t necessarily afford a move-in ready home at the moment, but still need to find a place to live, a fixer upper will be a better, and less expensive option.
Option To Make It Your Own
If you’re looking for your “perfect” home, a fixer upper might be an ideal situation for you. You will have the opportunity to add your own personal touches to the home to make it exactly the style you want it to be. It will give you more freedom than moving into a move-in ready home will.
Location Of The Home
Buying a home is an investment, so you always want to be considering the location it is in. A fixer upper is a great way to purchase a home in decent condition, in a neighborhood that you wouldn’t otherwise be able to afford.
Arranging for a Home Inspection
Before you officially buy the fixer upper home, you will want to make sure that the home is thoroughly inspected by a professional. Something like bad wiring and drainage problems could end up being more costly to you in the long run.
Doing A Personal Appraisal
Do an honest personal appraisal of the work you are capable of doing on your home. If the home requires more work than you can handle or you don’t have enough experience for the work load, it might be better for you to pass on the home. After all, hiring professionals may be more costly to you in the long run.
There are a lot of things that need to be considered before buying a home, including what kind of home you need. For more ways to determine whether or not you should buy a fixer upper, click here.