For some people, buying a fixer-upper is a great option when searching for a home. First off, you can get a fixer-upper for a good price. Also, if the thought of putting the work in and renovating the place yourself excites you, this definitely could be a good fit for you. However, you shouldn’t jump to the conclusion that it’s the best option right now. Consider these factors before you decide to buy a fixer-upper.
Money
There is no doubt that you will initially save money on buying a home that needs some work rather than a move-in ready home. Still, it is important to take into account how much it will cost to renovate your potential new home. Before you buy a property, you should assess what you all need to fix and how much it will cost. Once you have a better idea of the cost, make sure you have plenty saved up (and maybe a little extra for any unforeseen costs).
Time
Renovating not only costs money, it also requires a lot of time. You could have enough money saved up, but you also need an abundance of time to spend fixing up the place. If you are too busy with work or other things going on in your life, buying a fixer-upper may not be the best option for you.
Payoff
Between the time and the money, you are going to invest a lot into your fixer-upper. Since you are putting a ton of resources into your new home, you will want to know if it is all going to be worth it in the end. Sure, your home will have a higher value after you renovate it, but will the higher value outweigh the time and money you put into the home?
Verdict
Fixer-uppers can both be a great investment as well as a great deal of work. If you have done your homework to determine if your investment will pay off and if you have the time and money to tackle this project, then a fixer-upper may be the right choice for you. Move-in ready homes are great options for most people, but if you are set on buying a fixer-upper, make sure you consider the important factors discussed above!
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First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Central Wisconsin, Northeast Wisconsin, Western WI, parts of MN, Michigan’s UP and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com