by Bella Scotton
If you are going to invest in property you really need to have a very good reason for doing so. You need to consider the benefits of doing this now as well as what rewards it will bring you in the future.
One type of property that some will consider investing in is a fixer upper. This means buying property that has a house on it that really needs a lot of work to make it at least comfortable to live in. Or, for some they look at this as being something that they can fix and flip for profit.
It may also be that you enjoy the challenge and your circumstances are as such that you can afford to live in a house that is in need of repair, and you happen to be a handy person who can do most of the work.
Buying with Caution
If you are going to go this route then you will definitely have the advantage of being able to buy at a lower price. However, you will have to allot money for the repairs. So you want to do some price comparisons here. Even if you are going to do the work yourself, you should still consider labor costs to get a true picture of what you are putting into this fixer upper.
Also, keep in mind that there may be some hidden flaws in the house that are so serious that you cannot fix yourself. It could be a flaw in the foundation which would be beyond the average handyman’s skills. Then again you could invest in a house that is basically a shell but you at least can see many of its components that you would not normally see in a house that is finished but in very poor condition.
Know What the Pros and Cons Are
You may have a general idea of what buying a fixer upper is going to entail, but you really need to know all of the pros and cons of the specific property that you are considering. If the pros outweigh the cons then it may be a viable option for you.
Keep it or Flip It
It is not unusual for a couple to buy a house and go through all the repairs till finally it is exactly what they want. They then realize what the value that the home has become and it may be that the money that could be generated from the sale may now become very appealing. The dream home is now turned into a potential profit maker.
If the fixer upper seems to be appealing to you then make sure that you are realistic about your planning for it. What often becomes difficult for many that have gone this route is not so much the money that they have to spend but the time that needs to be invested in it. There are a lot of additional steps that need to be taken and these have to be planned for.
What Do the Experts Say?
Many have become favorites of the TV show HGTV Fixer Upper. There is no doubt that it seems like miracles have taken a place with some of the fixer uppers that have aired on this show. Keep in mind there may only be one or two of you to accomplish all of the tasks that come with fixing up these types of homes. Yet, what has been accomplished on this show is nothing short of amazing.
This Old House experts believe there can be a lot of merit in a fixer upper, but the advice they offer leads off with knowing what you are getting into.
Bob Villa known as another house guru has some experts share their opinion as to whether a fixer upper is the way to go.
It all comes down to what do you want? A fixer upper can be an ideal choice for the right people, at the right time, and in the right location.
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