Is a Fixer Upper Right for You?

Is a Fixer Upper Right for You?

Thinking about buying a home but feeling like affordability is a major hurdle? Here’s the good news: becoming a homeowner is still possible, even when the budget feels tight—and a fixer-upper might just be the way to do it. Let’s explore why buying a fixer-upper could be your path to homeownership and how you can make it work.

What Is a Fixer Upper?

A fixer-upper is a home that’s livable but needs some improvements. The scope of work can vary—some might just need cosmetic changes like removing wallpaper or updating flooring, while others could require bigger repairs, such as a new roof or plumbing upgrades.

Since these homes need a bit of effort, they generally come at a lower price point relative to local market values. According to a survey by StorageCafe, fixer-uppers typically cost around 29% less than move-in-ready homes. This price difference is why, as recent surveys show, more buyers are open to considering homes that need a bit of work.

If you're looking for an option to get your foot in the door, and you're willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option.

Tips for Buying a Home That Needs Some Work

Before you buy a home that might need a makeover, here are a few key considerations:

• Choose a Good Location: While you can renovate a house, you can’t change its location. Ensure the home is in a neighborhood you enjoy or one with rising property values and expanding amenities. This way, even after investing in improvements, your home’s value will likely increase over time.
• Budget for Surprises: Renovating a home can often require more time and money than expected. Be sure to leave some flexibility in your budget for unexpected repairs or surprises that might arise during the renovation process.
• Get a Home Inspection: Before purchasing, hire a home inspector to thoroughly assess the property. They’ll help identify necessary repairs upfront, so you can avoid costly surprises down the road.
• Plan Your Priorities: When planning your renovations, it’s helpful to categorize your goals into three groups: must-haves (essential repairs), nice-to-haves (upgrades that enhance convenience), and dream-state features (luxuries you might add down the line). This approach will help you prioritize effectively and stay within budget.

Remember, the perfect home is the one you perfect after buying it. 

Choosing a fixer-upper allows you to customize a home to your taste while saving on the initial price. With thoughtful planning, a set budget, and a bit of creativity, you can transform a house in need of TLC into your ideal home.

Real estate agents excel at spotting properties with potential. They understand the local market and can guide you toward homes where smart upgrades can boost value. With their support, you’re more likely to find a property that fits your budget and offers room for valuable improvements.

Bottom Line

In today’s market, where the cost of homeownership can be daunting, finding a budget-friendly, move-in-ready home can seem challenging. However, if you’re willing to invest some effort, a fixer-upper offers the chance to gradually transform a space into your dream home. Let’s look at the possibilities and find a place that could be the perfect fit for you.