Late nights binge-watching HGTV can put a lot of ideas in your head. It can make you question if the home you’re thinking about putting an offer in is really the one, if you should’ve have painted the walls greige instead of beige.
Is three bedrooms going to be too small? Should you buy a turn-key home? Is a fixer-upper right for you? Well, you’re not alone, and many of us have Chip and Joanna Gaines so thank for planting those little seed in our brains. They make fixer-uppers look so fun, and so easy! But are they really?
Fixer-uppers are definitely not for everyone. But there are tons of reasons why you should by a fixer-upper. So here are some ways you determine if a fixer-upper is right for you! Keep reading to learn more and click this link to read the entire article.
1. Because fixer-uppers are bargains
Probably the most obvious reason to go for a fixer-upper is to get a great deal on a house.
In fact, Dan Bawden, remodelers chair of the National Association of Homebuilders, says people shopping for a fixer-upper can expect to spend 20% to 25% less than what they’d have to shell out for comparable homes that are move-in ready. Homes with serious issues—such as with the foundation, termites, or flooding—should command an even deeper discount.
All that said, keep in mind that fixer-uppers will require that you spend more money on renovations. So make sure to have a contractor walk through the house and estimate what these repairs will run so you have a good handle on the full cost.
Bawden also suggests you pad your renovation budget by at least 5% to cover any surprises. “There are always unforeseeable things, and you need to be able to cover that,” he says.
2. Because you want to make a home your own
If your dream is to live in a home where everything is done precisely to your taste, then a fixer-upper is a great fit. Sure, you can build a house from the ground up, but that’s an expensive prospect, costing a median of $289,415 (cost of the land and many other necessities not included). Besides, building a home from scratch takes time, too—so if you need a place to live now, a fixer-upper might allow you to move in before you start turning it into your own personal Pinterest-board come to life.
Just keep in mind that living in a demolition zone can be dangerous or just an enormous hassle, so talk with your contractors about what to expect once renovations get rolling—and if there’s a way to divvy up what they’re working on to carve out a peaceful corner so all the commotion doesn’t drive you nuts.