Should You Buy a Fixer Upper?
When you begin looking for homes for sale in Texas Hill Country, you will find some that are pristine and move-in ready, while others might have the ideal location and price but be in need of some TLC. With home improvement shows that glamorize the renovation process, it's easy to get excited about the prospect of buying a fixer upper. How can you know if it's the right choice for you?
Benefitting from "sweat equity" can be a great way to maximize your investment while enjoying the satisfaction of transforming a space into something you completely love; it can also be a total headache that you ultimately regret.
Before diving into a major home renovation, consider these thoughts to help you decide if buying a fixer upper is the right move for you.
What is a Fixer Upper?
Homes that are categorized as a fixer upper range significantly in how much work they require. They might be in need of some cosmetic updating, a full gut job, or anything in between.
If you decide to look for a fixer upper, keep this in mind. Decide before looking at properties, and communicate with your agent, about how much time, money, and effort you are prepared to put into the property. It's important to be mindful that most renovations end up including a surprise or two, so be realistic about how much you are prepared to handle.
Demand for Fixer Uppers may be Higher than you Think
Partially thanks to all the home improvement shows, blogs, and social media influencers who have shown the excitement and promising investment involved with buying a fixer upper, there is a steadily high demand for this type of property.
While you may be able to get a "killer deal," you may also need to be prepared to spend a bit more than you initially expected to compete with other hopeful buyers.
Don't Underestimate the Resources Required
Renovating a home is exciting. You will get to take the property in any direction you choose, customizing every feature to fit your style and budget. If you decide to go this route, make sure you don't underestimate the resources required.
Your fixer upper project will require three main categories of resources: time, money, and effort. Decide how much of each you are willing and able to invest to help make a decisions about the property you can realistically take on. Being realistic, rather than idealistic, as you choose a property is the best way to make a decision you won't regret.
What is Your Long-Term Goal?
There are many reasons buyers consider a fixer upper. Deciding what your long term goal is for the property will help guide your decision making. Ask yourself why you are interested in buying a fixer upper. You answer might be one of these:
- The profit potential from fixing up the property and selling or renting it
- Making a home completely my own to enjoy for decades
- Buying what we can afford now and fixing it up over time as our budget allows
There are plenty of other reasons you might be motivated to find a fixer upper. Whatever your "why," knowing your motivation will help guide you to the property that makes the most sense for your individual circumstances.
When you're ready to find that ideal property, we are here to help! Contact us any time to learn more.