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Feb09

Things to Consider When Buying a Fixer Upper Home

It’s hard not to be seduced by the charm and character of older homes. This is probably the reason why some people opt for a fixer upper. You’ll be able to purchase an old house with a great character and get it for way below market price. Isn’t that amazing? But sometimes, buying a fixer upper may entail a lot of work, which equates to thousands and thousands of dollars.

If you are considering buying a fixer upper, then this article is for you. Here are 3 things to consider when buying an older house.

Can you afford it?

A fixer upper may be a great way to get into a larger home without having to spend a huge sum of money. If the house is located in a great location, then that’s a bonus. But what people fail to realize is that fixer upper houses tend to be a money pit.

Before you make an offer, we suggest that you get the contractor into the house and do a walk-through. Ask for an estimate as to how much it would cost you to make the house liveable. This way, you can decide if it’s really worth your time and money.

Are you willing to give up your weekends?

Considering the amount of renovations these types of houses require, you may need to sacrifice your weekends and tackle the jobs during your free time.

In some cases, you may even need to live out of a suitcase and move from room to room until everything is done. Attempting a remodelling project may take longer than you think.

Have it inspected

Houses that need a complete makeover can cost more money and headache than buyers realize. Have the property inspected to prevent some serious stress and headaches down the road. Home inspectors will point out some issues that you may not have seen before. It is important that you know what you’re getting into before committing to buy the property.