Could a Fixer-Upper Be Your Path to Affordable Homeownership?

If high home prices are holding you back, a fixer-upper might be the solution. Let’s explore how buying a home that needs a little TLC can help you get into the market.

What’s a Fixer-Upper?

A fixer-upper is a home in livable condition that needs repairs or updates, from simple cosmetic changes to major renovations. Since they require work, fixer-uppers typically come with a lower price tag. According to a StorageCafe survey, they generally cost about 29% less than move-in-ready homes, making them an appealing option for budget-conscious buyers.

Tips for Buying a Fixer-Upper

While the idea of fixing up a home is exciting, here are key tips to consider:

1. Location Matters

Choose a fixer-upper in a neighborhood with rising property values and good amenities. The right location can help your home’s value grow as you make improvements.

2. Budget for the Unexpected

Renovations can be unpredictable. Set aside extra funds for surprises to keep your project on track.

3. Get an Inspection

A professional home inspection helps you understand the essential repairs upfront, minimizing unexpected costs later.

4. Prioritize Your Projects

Focus first on essential repairs, then move on to nice-to-have upgrades, saving luxury additions for later.

Why Fixer-Uppers Offer Great Potential

By choosing a fixer-upper, you’re not only saving on the initial price, but you also have the freedom to customize the space to your personal taste over time. And while some elbow grease is required, the payoff can be worth it: a home that feels uniquely yours and, over time, may appreciate in value due to your improvements.

Real estate agents are also an invaluable resource when it comes to finding fixer-uppers with potential. They know the local market and can guide you toward properties where strategic updates can lead to significant returns. Our team of experienced local experts can help you to find your next project in the perfect location and guide you through the entire process, from negotiating the purchase of the home to recommending trusted professionals to help you with the renovations after your closing. Give us a call today to discuss your options and start your search!

For more information about fixer-uppers check out this article from Keeping Current Matters.