Buying a fixer upper is something many people scoff at and then run the other way. Unfortunately, they could be missing something really valuable. If you’re one of these people, take a minute to read over the pros and cons of buying a home that needs renovation to see if it may actually be for you.
The Upside To Fixer Uppers
When you purchase a home that needs some work, you can make improvements to it to make it your very own. You can choose the flooring you want, the wall colors and even the kitchen cabinets and countertops. In some instances, you can even change the footprint of the house. Depending on the state of the house when you buy it, you have many options when fixing it up.
Fixer uppers are much less expensive because they do need work. Don’t let this deter you. Have the house inspected to make sure it is structurally sound. Then you just need to provide some tender loving care to make it livable.
A 203k loan gives you money not only to buy the house but also to cover the repairs it needs. This way you don’t have to worry about paying for the construction out of pocket. It will be part of your mortgage.
So, as you can see, there are some great benefits to buying a home that needs some work. Unfortunately, there are some downsides you need to know about.
When you buy a fixer upper, you will have to wait for the construction to be completed. You could be waiting only a few weeks, or it could be six months or more. It all depends on how much needs to be done to it.
Yes, that’s about the only downside there is to a fixer upper. You have to wait to move in, or you have to live in a construction zone. If you don’t mind the wait, this may be a great option for you. It’s perfect for people who are renting right now and want to find a good deal on a house. Once the house is complete, you can move into it and leave your renting days behind.