The Pros & Cons of Buying a Fixer Upper
What is a “fixer upper”?
A fixer upper is a property that will require more repair, though it usually can be lived in or used as it is. They are popular with buyers who wish to raise the property’s potential value to get a return on their investment, or as a starter home for buyers on a budget. If you’re considering buying a fixer upper, there are a few things to consider. Before you decide to invest in a fixer upper home, you should know the pros and cons to ensure you get the return you deserve from the home.
The Pros Of Investing In a Fixer Upper
There are many personal and professional benefits to investing in a fixer upper. Whether you’re looking to create your dream home or simply trying to flip a home to increase the selling value, you get the chance to totally customize the home from the floorboards to the ceiling fans. By including things like custom cabinets or flooring, or even an extravagant laundry room you can not only create a home that you personally love, but you also have the opportunity to increase the value of the home itself. Check out from NewHomeSource.com with some tips to decide on options and upgrades to your fixer upper. Another benefit, if you are able to, is to do a lot of the work yourself. In some instances a professional like a plumber or electrician are necessary, but if there are upgrades you can do yourself, it can sometimes make a fixer upper a cheaper option.
The Cons of Investing In a Fixer Upper
While there are many benefits in a fixer upper, there are plenty of downsides you should be prepared for as well. In current times, lumber has been much more difficult to come by and when the proper materials do become available, the prices tend to be much more than the norm. This is in part due to Covid-19, which could also cause some trouble when it comes to having contractors and other workers in your home. Safety regulations vary by state, and you should always be sure to weigh the risks for you when it comes to exposure.
Another thing to consider when investing in a fixer upper is to check for environmental issues. The older the home is, the more you could be looking at costly upgrades. Things to watch for can include lead paint, roots growing into pipes, or things just not up to current code. These issues can not only lead to overspending, but can also be very time consuming if you’re looking for a quick turnaround.
Things To Consider
First things first, you must be willing to put your sweat and equity into the home. Fixing up a home or property can be an arduous process and you have to be ready for the demand it requires. Make sure you do your research to find quality contractors and other professionals in your area. Check out angi.com (formerly known as Angie’s List) to ensure the help you need is exactly what you’re paying for. Another thing to consider is that you will need a flexible schedule if you plan to invest in a home that needs a lot of work. If you’re trying to accomplish some tasks on your own or just making sure that projects are getting done on time, you will need to be able to devote plenty of time to your endeavor.
All in all, there are a lot of things to consider before buying a fixer upper. Are you thinking about moving to the Hudson Valley or buying a fixer upper in Ulster County? The Ulster County Board of Realtors® is here to help, so contact us today so we can match you up with a REALTOR® to help guide you through the process easily. That way you can focus on your main objective, finding the full potential of your fixer upper!