Should You Consider Purchasing a Fixer Upper to Save Money?

A small cottageJust like anything, there are many pros and cons of purchasing a fixer upper. While you will save money by purchasing a fixer upper, it is still a gamble, because you never know how much the house will truly depreciate in value over time. If you put enough work into the house and remodel it back to livable standards there is a big chance that you might be able to make a small return on your investment. Purchasing a fixer upper can be also be a perfect starter home – if it is in bad enough shape you can always remodel it to fit your personal tastes. So, should you consider purchasing a fixer upper to save money?

Purchasing a fixer upper will be expensive in the long run. Each month you will find yourself putting more and more money into fixing the home – from the big things to the little things. Your house might need a new paint job or perhaps the front of the house needs new shingles – if you don’t put in the necessary capital to fix up the home, you can find yourself living in its shabby state for years. So, unless you can make the necessary monthly investment into your fixer upper, you should find a newer home or condo.

Next, you want to consider how much of a fixer upper the house you want to buy is. You always want to get a housing inspector to make sure there is no mold, cracks in the foundation, termites, or plumbing problems. If the house any major structural damages, you might find yourself paying twice than what you initially expected.

Time is another factor. If you don’t have the time or if your lifestyle doesn’t allow you to put in the necessary amount of energy it might not be worth it. On the other hand, if you are older or if you want to find a project to work on, purchasing a home and then fixing it up can be great hobby. There is generally a great sense of pride after 6 months of hard work on your home to see it back in its original grandeur. Fixer uppers are also great for people who like antiques, because many of these homes date back 50 to 100 years. While some of the oldest houses might have the most superficial damages, structurally they were built to stand the test of time and even natural disasters.

Whether you are looking through the listings for Katy homes for sale or perhaps a one bedroom in Austin, purchasing a fixer upper can be the perfect first home to move into after a marriage and to eventually start a family. They are much cheaper than newer homes on the market, but they can also have much more charm, especially if you put the time, energy and money into fixing it. From light fixtures, to door knobs and even cabinetry, you might find that fixing up your home gives you a unique sense of ownership that you wouldn’t get in a new home, which is much less personable, because sometimes it’s just better to feel like you belong.