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:
1. Pride – If you love taking pride in your work and have the necessary skills, a fixer upper might just be the way to go.
2. Personality – An older home will give you charm and character and fixing it up means you can add your own personal style.
3. Inspect the Unexpected – Getting a home inspection is highly recommended so you don’t end up with a structurally flawed money pit.
4. 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.
5. 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.
6. 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.
Used with the Permission of:
Ed Mercer | Home Inspector
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