Rooms for Improvement:
The Joys and Challenges of Fixer-Uppers

The house that needs work – it’s not for everyone. But then, the secret of real estate success, for both a professional like me and a potential customer like yourself, is finding the one home that’s right for you. And a fixer-upper even offers the opportunity to have your dream house not be found, but made.

It’s important to keep in mind the balance of challenges and chances that a fixer-upper presents. For buyers with cost as a concern, a house needing work will definitely be more affordable – though the discount can stem from some major problems, and the price savings go hand-in-hand with later renovation expenses.

Even so, at the initial bargain price some families find a fixer-upper comfortable enough to live in while saving for renovation. This kind of at-home pioneering makes fixer-uppers not the best idea for first-timers. However, experienced homeowners have an edge, being more familiar with renovations in previous houses and knowing what to expect in both inconvenience and rewards.

In any case, the standard rules for all home purchases apply to fixer-uppers – and often more so. Getting a thorough home inspection, for instance, is crucial, to learn all you need to about homes whose history and condition can be unknown (or in some cases undisclosed). But once again remember that turning up problems can also identify economic breaks; since the purchase price for an “as is” home will be lower, so will related costs such as transfer taxes, and property taxes might be too.

If the fixer-upper is just your kind of challenge, then you have the chance to shape your space to just your type of taste – and that of potential future residents. The fix-up can enhance the possibility of appreciating the home’s resale value. As with any home, you’ll want to think carefully about which improvements will make up their cost, but with a fixer-upper the benefits can be reaped not just from the house but its location – older neighborhoods can be preferred by many buyers to newer housing developments, so getting a like-new home you prepared in a more old-fashioned area can be a strong attraction.

One resource you may want in your fix-up tool kit is the services of a qualified real estate professional. Not only can we advise you on financing options (like the extensive alternatives available through ERA Mortgage), but we also often have fixer-uppers we’d love to find the right buyer for, and can call you about as soon as they’re available. If you’re ready for the challenges and rewards, your neighborhood agent may be ready to “fix you up” with your future dream house.