Will You Save Money by Purchasing a Fixer Upper?
Buying a fixer upper is the dream of many thrifty home owners. Buy a house at a greatly reduced price, work on it yourself or hire contractors, and enjoy your beautiful home happily ever after. It’s practically a fairy tale, but like so many other fairy tales, it is often not entirely realistic. If you believe that you can save money on your home purchase by buying a fixer upper, you may be right. However, every home and every home owner is different. Determining whether a fixer upper will save you money requires a careful evaluation of both yourself and the house.
Do you enjoy home improvement projects, and even more importantly, are you good at them? If you can work on fixing up a home yourself, you can save thousands of dollars on labor costs. However, those savings are only going to carry over if you are both competent and passionate about home improvement. Most fixer uppers are going to require a lot more than fresh paint and new light fixtures. Imagine refinishing floors, tearing down walls, and repairing plumbing problems. If these aren’t projects that you’re prepared to handle on your own, buying a fixer upper may not be such a smart decision.
The house in question is going to need a thorough evaluation as well. If you don’t diagnose every problem in a home before buying it, you could fall into an endless cycle of repairs and maintenance. Important things to look for are structural issues, wiring problems, and plumbing concerns. What you want is a house with good bones. Some buyers end up with homes that are built on flimsy frames, and others find themselves moving into houses with termite infested, rotting framework. These are problems that can end up costing you more than a new home, if they can even be fixed.
What you want is a home that is structurally sound, but cosmetically worn. These houses go for much less than their finished neighbors simply because the average home owner is not willing to invest their time in the process of fixing up an old and neglected home. And, make no mistake about it, that process can take a long time. Plan on living in your projects for extended periods of time, and ask yourself if that is a sacrifice you’re prepared to make. The last thing you want is to become overwhelmed by your projects and go through the trouble of selling off a home that you’ve just bought.
When browsing Katy homes for sale, or perusing any other market, be sure to keep these points in mind. Buying a fixer upper can save you lots of money on your home purchase, but only if you and the house are both up to the challenge. Figure out what you can do on your own, and where you’ll need to bring in help. Most importantly of all, make sure that you’re buying a house that is worth fixing up. If you’re smart about this decision, buying a fixer upper can help you secure a beautiful home at a reasonable price.