Should You Buy a Fixer-Upper?
Do you think you could manage buying a fixer-upper? If you're considering buying a house that needs a little (or a lot of) TLC, here's what you need to know first.
Should You Buy a Fixer-Upper?
Buying a home that needs serious remodeling is a big decision - but even buying something that just needs a little love might be more than you bargained for. Check out these three questions you should ask yourself before you buy a fixer-upper:
- Am I ready for the work?
- Will I really live in the home?
- What's my budget?
#1. Am I Ready for the Work?
You can expect to spend 20 to 25 percent less for a home that needs to be fixed up than you would for a home in better condition, but you have to remember that it's a lot of work. Even small projects can dominate your household - and if you plan to live in the home while you renovate, you have to be ready to deal.
#2. Will I Really Live in the Home?
Now's the time to be extremely realistic. People who live in a home that's being remodeled have a lot to deal with - and it can be an extreme challenge. If you're doing the work yourself, you have to look at a realistic timeline; you'll be working and handling other obligations, and you can't work on the house full-time. Your house might be torn up for a while while you're working on it.
#3. What's My Budget?
Remodeling costs money, and if getting the look you want would cost more than you'd save by buying a fixer-upper, it's probably not worth it. Remember, too, that if you don't live in the home, you'll be paying a mortgage and another housing expense (for the place you live while the work's being completed).
Are You Buying a Home in Lakewood?
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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