When you purchase a fixer-upper, the sky’s the limit when it comes to fixtures and finishes (within your budget, of course). If you have your eye on a popular neighborhood, either for resale value or your own lifestyle, you may be able to get a better deal buying a fixer upper in your desired location and renovating it than purchasing an already-updated home. Here are some of the key reasons buyers decide on buying a fixer-upper: Reduced price Most often, people buy fixer-upper homes because the cost of purchasing the home plus renovation costs may total less than what they’d pay for a comparable home in good condition. What is a fixer-upper home?Ī fixer-upper is a home that needs repairs, but not so many that it’s uninhabitable or worthy of being torn down.įixer-uppers are usually offered for a lower price than homes in better condition, which makes them appealing to buyers looking to maximize their purchasing power or investors looking to flip the property and turn a profit. Whether you’re considering a fixer as an investment - and you plan to sell after construction is complete - or you’re fixing up a home to make it your own, there’s a lot to consider when buying a fixer-upper, from home price to construction costs to financing. In fact, only 15% of homeowners said their home needed serious updates, and only 4% said their home needed a complete overhaul, according to the Zillow Group Consumer Housing Trends Report 2021.īuying a fixer-upper involves purchasing the least desirable home on the block and overseeing its transformation. While the process of buying and renovating fixer-upper homes has increased in popularity due to fix-and-flip home improvement TV shows, not everyone is cut out for major renovation projects.
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