Should You Buy a Fixer-Upper

When you decide to buy a home, it can be very overwhelming. There are so many choices that it can be hard to figure out what you want. You can even choose (and design) a brand-new home.

At the other end of the spectrum, you may find yourself looking at fixer-uppers. You may want to buy a home that needs a lot of work and make it exactly the way that you want it.

However, buying a fixer-upper is not for everyone. Here are some things to think about when deciding whether you should buy a fixer-upper.

There is nothing more charming than an older home.

Many people just love the charm that an older home brings to the table. These homes are usually well-made and just have something that you can't find in a brand-new home. If you feel this way, you may find yourself looking at older homes that may need some extra love and attention.

The price may be right on a home that needs some attention.

Most fixer-upper homes come at a good price. However, the truth is that many people choose a home based on the price. This can lead to problems when they realize how much work they may require.

If you aren't afraid of hard work, you might be able to get a good home that has a lot of potential. With a little work, you can have the home of your dreams.

When it comes to price, you can't forget about the extra costs that are needed to bring your dreams to life.

You need to figure out how much money you may need to put into it. If you buy a home for forty thousand dollars less than it is worth, but you have to put fifty thousand into it, it is probably not going to be a good idea. If you only need to put twenty thousand in it, you are going to be fine. Though you may plan on spending years in this home, you still need to think about it as an investment.

Avoid homes with major structural problems.

Most people avoid homes that have major structural problems. If you are going to have to redo the electric or plumbing, you could end up spending too much on the house. The same should be said about structural issues and foundation problems. If you find yourself in this predicament, you may not be able to recoup your cost.

Instead, stick with projects that need cosmetic repairs.

Homes that just need cosmetic repairs are usually the best ones to deal with. Painting, new doors and windows, and even new flooring aren't very expensive (compared to other repairs that you may have to do).

It might be best to stick with projects that you can do yourself.

If you are handy (or even if you aren't), you may want to stick to homes where you can do all (or most) of the work. If you have to hire a lot of people to help you (including contractors, plumbers, and electricians), you are going to end up spending more money than you imagined.

If you are having trouble finding the right home for you, you may want to buy a fixer-upper. You can remodel it to be the perfect home for you. Even better, you may be able to find a good deal. That being said, you can easily spend more money than you should, making the home cost more than it is worth. For this reason, you should make sure that you pick homes with minor cosmetic repairs (instead of bigger structural ones)!