Fixer-Upper: Pros of Buying a House That Needs Renovation
Has the title of this blog boggled your mind? A fixer-upper is a house in need of repairs/renovation. One of the major benefits of buying such homes is that they have the potential of becoming your dream home with some TLC (read: tender loving care). Here is a list of benefits of buying a house that needs a renovation
Things to Consider Before Buying a Fixer-Upper
Just like every coin has two sides, everything has its pros and cons. The way buying a fixer-upper has its benefits it also comes with a lot of risks. Here are some things you should think about before you take up the task of buying a house that needs renovation.
Check the Extent of Repairs:
You need to know what you’re getting yourself into. So, before you purchase the house, make a list of all the major and minor repairs pending. After that, see if the major repairs are practically doable for you or not. If it’s just replacing appliances, flooring and paint, it is definitely doable and can be profitable for you.
Weigh the Costs & Benefits
For this renovation project to be successful for you the benefits of the fixer-upper should outweigh the costs involved. Both the cost price of the house and the renovation project cost will be incurred by you, so ask yourself “is it worth it?”.
Find a Contractor
To make the above tasks easier, you must find a contractor or renovation expert. He will give you an accurate estimate of your costs and all the repairs needed.
Once you’ve taken a look at everything and purchased the house, hire professional renovation experts to get the dream project started. Have you ever done this? Share your story in the comments below.