Could a Fixer-Upper Be the Right Home for You?
If you’re like many people, you’ve kicked around the idea of buying a home that needs a little TLC. Maybe you’ve decided that you could live in it while you make a few repairs or upgrades here and there, or that you could buy a house that needs work and complete it to your standards before you move in. But before you do that, check out these five questions that will tell you if a fixer-upper is the right home for you.
Could a Fixer-Upper Be the Right Home for You?
There are several “grades” of fixer-uppers, though not officially. Some homes just need a little love; a fresh coat of paint and a new screen door will make them the perfect place. Other homes – well, other homes need an overhaul before they’re up to snuff. Make sure you can answer these questions before you decide to buy a house that needs a significant amount of work:
- Is it realistic to believe you can complete all the work yourself?
- What is your motivation for buying a fixer-upper?
- Where will you live during renovations?
Here’s a closer look at each.
#1. Is it realistic to believe you can complete all the work yourself?
Even if you’re pretty handy, you need to make sure you’re qualified to do the work the house needs. Do you know about permits and code requirements? Are you able to make surprise repairs?
It’s okay if you aren’t willing to do all the work yourself. As long as you know a good contractor who can handle it for you, you’ll be all set. However, you do need to factor in the costs of materials and labor when you’re looking at buying a fixer-upper – the costs might outweigh the amount of money you save on the home.
Related: Lakewood mortgage calculator
#2. What is your motivation for buying a fixer-upper?
If you want to buy a fixer-upper because you simply love the house and would enjoy working on it, then you’re on the right track. Likewise, if you want to buy it and fix it up to turn around and sell it for a profit, bravo – but if you’re only buying a fixer-upper to save money, you might be better off buying a different home. Sometimes fixes cost a lot of money – as in tens of thousands (or more) – and that defeats the purpose.
Related: Do you need your own real estate agent when you buy new construction?
#3. Where will you live during renovations?
If you plan to live in your fixer-upper while you’re making repairs and upgrades, you’ll need to account for how disruptive remodeling can be. If you’re doing the renovations yourself, remember that unless it’s your full-time job, it may take up quite a bit of your free time.
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If you’re not already living in Lakewood, or if you are but you’re looking for a new home, we’re here to help. Call us right now at 562-882-1581 or start browsing our Lakewood real estate listings to find your dream home today!
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