The Perks of Buying a Fixer-Upper

The Perks of Buying a Fixer-Upper

Affordability is a challenge right now, but that doesn’t mean homeownership is out of reach. Considering a fixer-upper could be a great way to make buying a home possible. Here’s what you should know to decide if it’s the right choice for you.

What’s a Fixer-Upper?

A fixer-upper is a livable home that needs renovations—ranging from cosmetic updates like flooring and paint to major repairs like roofing or plumbing.

Here’s why a fixer-upper might be a smart choice:

• Lower Price Point – These homes typically cost around 29% less than move-in-ready options, making them a budget-friendly choice (StorageCafe).
• Less Competition – With most buyers looking for move-in-ready homes, you’ll likely face fewer bidding wars.
• Faster Equity Growth – Smart renovations can quickly boost your home’s value, giving you a solid return on investment.

As The Mortgage Reports notes:

“If you’re a house hunter who’s not afraid of sweat equity, buying a fixer-upper could be your ticket to homeownership. Doing so could lead to big savings, even in some of the nation’s largest and most popular housing markets. Plus, adding the right features could help your investment.”

What To Know About Buying a Fixer-Upper

A fixer-upper offers exciting possibilities, but here are key factors to consider:

• Have a Game Plan – Be realistic about your time, skills, and budget. Consider what you can DIY, what needs professional help, and if you’re ready for a temporary construction zone.
• Prioritize Repairs – Focus on essential updates first and space out renovations to fit your budget.
• Location Matters – Choose a home in a growing area with strong property values and desirable amenities.
• Get a Home Inspection – A thorough inspection helps identify necessary repairs and potential costs.
• Budget for Surprises – Renovations often bring unexpected expenses, so set aside extra funds.
• Explore Financing Options – Some loans are designed for renovation projects, so consult a lender to understand the details.

Bottom Line

Fixer-uppers aren’t for everyone, but if you're open to some renovations, they can be a smart way to navigate today’s affordability challenges and find a home within your budget.  

With the right mindset and planning, you could transform an imperfect house into your ideal home.  

Would you consider a fixer-upper if it met your budget and goals? Let’s connect to explore the possibilities!