The Pros and Cons of Buying a Fixer-Upper
You’ve spent time scrolling #FixerUpper and watching your favorite Instagrammers remodel their homes, and now you’re asking yourself, “Should I buy a fixer-upper?” If this sounds familiar, you’re not alone. Before you grab your sledgehammer and start looking for the perfectly dilapidated home, read on. We’re going through the pros and cons of buying a fixer-upper so you know if it’s the right move for you.
Pro – Less Competition for Fixer-Uppers
Many Connecticut buyers are finding themselves up against stiff competition. A great pro of searching for a fixer-upper is that there may be less competition for a home that needs work compared to a move-in-ready home. Less competition can be to your advantage and help you finally land a home. Many buyers will overlook the homes that need new kitchens or bathrooms. Being able to see the diamond in the rough may end up being a big advantage.
Con – Unplanned Expenses
Buyers looking to purchase a fixer-upper home should be aware of the potential for surprises during the renovation. Even with a home inspection, fixer-upper homes may have problems that only arise during the renovation process. These unexpected obstacles can lead to going over budget. You may have to sacrifice certain upgrades in order to stay within budget overall. Buying a fixer-upper home means you must mentally prepare for changing plans and for fluctuating budgets.
Pro – Customization
When you’re renovating a home, you can make it entirely yours. Endless customization is one of the main reasons people purchase fixer-upper homes. With a fixer-upper, you can control the design and make decisions that benefit your needs. If you love to cook and bake, you can make your kitchen the culinary haven of your dreams. If you’re not much of a chef, you have the freedom to focus on other parts of your home.
Con – A Fixer-Upper is a Long-Term Project
Rome wasn’t built in a day, and neither is your dream home. You may be unable to live in your fixer-upper while renovating, and depending on your budget and lifestyle, this could cause problems. Even if you can live in your home while you renovate, your life may still be disrupted. You could find your whole family sleeping in the dining room for a month or eating takeout for weeks.
Pro – Buying to Build Equity
Another great benefit of buying a fixer-upper home is that you have the potential to build equity. Fixer-upper homes typically have a lower sales price than similar homes in move-in-ready condition. Making improvements to the home can increase the value drastically. You can strategically pick specific upgrades to add more value to the home. If you ever decide to sell, this will be a great benefit!
Con – Added Stress
Not only can a fixer-upper end up being very expensive, but the process can take up a lot of your time and energy. While working on your fixer-upper, you may have to say goodbye to lazy Sundays in exchange for trips to the hardware store. This can put a lot of stress on you and your family. If you are looking for a stress-free lifestyle, a move-in-ready home may be right for you.
“Should I buy a fixer-upper?” isn’t so easy to answer. When asking yourself if you should buy a fixer-upper home, it is helpful to weigh all the good and the bad that comes with it. Whether you’re looking for the perfect fixer-upper or the perfect move-in-ready home, Calcagni’s experienced agents will guide you every step of the way.
