As house prices soar more and more people are considering fixer-upper homes as a way to get on to the property ladder. In fact, 68% of millennials would consider buying a fixer-upper as a first-time buy.
While buying a house that needs some work doing can be a great way to get more for your money, the cost of renovations can soon start eating away at the money you saved.
So, should you buy a fixer-upper or move-in-ready home? Let’s take a look at where to start if you’re thinking about buying a fixer-upper so you don’t end up regretting your decision.
The Beauty of the Fixer Upper Home
A fixer-upper is a home that isn’t ready to live in yet. As a result, you can buy them at a fraction of a cost of a ready-to-move-in home. The amount of work that needs to be done will negate the price.
Choosing the Ideal Fixer Upper
The first thing you need to think about is the location of the home. The ideal fixer-upper should be located in a good or up-and-coming neighborhood. The homes around it should be well maintained. Avoid buying fixer-uppers in run-down areas, or undesirable areas such as:
- Near busy intersections
- Close to emergency services
- Near a school
- Close to busy nightlife
Due to the amount of noise in these areas your fixer-upper is going to be of limited value even after all the work you’ve done.
The Layout
You need to make sure that the layout of your home is something you can work with. If the home has an awkward layout then the moving of walls can be complicated and costly.
2-4 bedroom properties tend to have a higher potential value simply because of the prospective demographic who might be looking to move in. Take a look at some of these Chicago homes at URB for an idea.
Check the Condition
By its very definition, a fixer-upper needs work, but the amount will vary. It’s important to know that some repairs are more expensive than others.
Changing power outlets, painting walls, and relaying carpets are cheap and easy fixes. Installing new windows, air conditioning, and reroofing your home on the other hand is going to be much more time-consuming and costly.
Get a Professional Evaluation
To save you the headache of unpleasant surprises later on down the line, the best thing to do is have your potential home inspected by a professional.
They will be able to give you a good idea of the work that needs to be done and a rough estimate of how much it will cost. This way you’ll have a good idea of whether or not your fixer-upper is the bargain you hope it to be.
Looking for Fixer Upper Homes for Sale?
If you think that fixer-upper homes might be a good place to start then you can simply contact local estate agents. Searching for properties labeled as ‘short sale’ or ‘real estate owned’ is a good start as they will often point to distressed properties.
Just be sure that the amount of work needed matches the amount of work you’re will and capable of doing.
For more information on finding the perfect home and home improvement tips be sure to check out our other articles.
