*A collaborative post
When you’re looking for a new home, there’s a certain charm to the idea of taking a house that’s a little run down, maybe even falling apart, and bringing it back to life. However, that kind of thing might seem appealing when you’re thinking about it in the form of a Hollywood montage, but there are a lot of factors that you should think about if you’re considering taking that kind of route when buying a house. In order to help you decide if it’s the right choice for you, here are some of the pros and cons of buying a fixer-upper.
A low initial cost
One of the main reasons that a lot of people find themselves becoming incredibly attracted to the idea of buying a run-down property and fixing it up is that they often represent some serious bargains when you buy them. After all, you’re never going to end up spending the same amount on a home that needs a lot of work than you would on one where you can just move straight in. The thing to remember is that there are still costs involved, it’s just about balancing whether you want to spread those costs over time or deal with them all at once.
Putting your own stamp on it
One of the nicest things about moving into a home that needs a lot of work is that you get to have a huge amount of control over how it ends up. When you move into a house that is ready for you to live in it, you’re going to a little bit limited as to how much of your own stamp you can put on it. But a fixer-upper leaves you huge amounts of room to try different things and put your personality into every inch of the property.
It potentially requires a lot of work
It should hardly come as much of a surprise that buying a house that requires plenty of repairs and renovations is going to involve a fair amount of work. The choice that you need to make is whether or not you do the majority of that work yourself. If the things that you need to make the place liveable aren’t that complicated, and you’re willing to put in the time, then you may want to take the DIY route. However, if there are more significant problems with the property then hiring a construction company is probably a better option. Make sure that you do your research as thoroughly as possible. You don’t want to start a project only to realize it’s out of your realm of expertise halfway through.
The chance for spiralling expenses
When you first buy a house that requires a lot of work, you might have an idea of what needs doing to it and how much that’s going to cost. One of the best things you can do is hire someone like Allcott Associates Surveyors to be as clear as possible on the value of the house itself before you buy, Creating a budget for your renovation isn’t always easy so it’s a good idea to take care of it. However, the thing about older, more run-down properties is that they can sometimes hide more than a few nasty surprises. You need to make sure that you get the whole property checked out thoroughly before you buy it so that there’s no chance of new problems rearing their head just as you thought things were finally coming together.
There are always going to be a lot of pros and cons when it comes to a fixer-upper. In the end, your personal circumstances and how much work you’re willing to put into the home is something that you need to consider very carefully before making such a significant decision.