Is a Fixer-Upper Right for You?

Is a Fixer-Upper Right for You?

Feeling like homeownership is just out of reach? If everything on the market seems a bit too pricey, there’s another way to get your foot in the door—and it might just be with a fixer-upper. Let’s break down why buying a home that needs a little TLC could be your path to ownership and how to make it work for you.

So, What Exactly Is a Fixer-Upper?

A fixer-upper is a home that’s liveable but needs some level of work. The amount of work varies; some might need simple cosmetic updates, like removing wallpaper or updating floors, while others may require more intensive repairs, such as roof replacements or plumbing updates.

These properties often come with a more affordable price tag—generally around 29% less than move-in-ready homes, according to a survey from StorageCafe. That’s part of the reason why more buyers are considering homes that need a little extra love these days.

If you’re willing to put in some sweat equity, a fixer-upper can be a budget-friendly entry into homeownership and give you a chance to make the home truly yours.

Tips for Tackling a Fixer-Upper Purchase

If you’re thinking of buying a home that might need some sprucing up, here are a few things to keep in mind:

• Choose a Great Location: You can upgrade a house, but you can’t pick it up and move it! Look for a home in a neighborhood you like or one with rising property values and growing amenities. This way, when you’re ready to sell, you’ve got a property with solid value behind it.
• Budget for Surprises: Fixing up a home can come with unexpected costs—those little “surprises” behind the walls. It’s always wise to budget with a cushion for any hidden repairs that pop up during the renovation.
• Get a Home Inspection: Before buying, bring in a trusted home inspector. They’ll give you an honest assessment of what needs to be done so you’re not blindsided by major expenses down the line.
• Prioritize Your Projects: Not every upgrade has to happen at once. Start with the essentials, like structural or safety repairs, and save the dream features for later. Think of it as a three-tiered approach: the must-haves (crucial repairs), the nice-to-haves (upgrades to improve daily life), and the dream-state features (the luxury items to add when you’re ready). This will keep you focused and within budget.

Remember, the ideal home might be the one you perfect over time. With a fixer-upper, you have the chance to shape a house into your vision while saving on the upfront cost. With careful planning and a bit of patience, you can turn a house that needs some love into a place that feels exactly like home.

And don’t forget—working with a real estate agent who knows the market can help you find the best options with potential. They can spot homes with solid value and guide you toward properties where upgrades will make a real difference, helping you stick to a budget that works.

Bottom Line

In a market where finding a move-in-ready home at the right price can feel like an uphill battle, a fixer-upper offers a flexible, rewarding alternative. If you’re open to putting in a little elbow grease, you can transform a fixer-upper into your dream home over time. Let’s explore the possibilities and find a place that works for you!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.