Should You Buy a “Fixer Upper?”
Should You Buy a “Fixer Upper?”
Should You Buy a “Fixer Upper?”
Fixer upper or handyman special, whatever you call it, it’s a project. So, is this type of project right for you? Every buyer and every situation is different, so unfortunately, there is no one size fits all answer to this question. Some folks like to get their hands dirty and remodel a house to make it their own and other folks want to just get the keys and move right in. Like anything in life, both options have their pros and cons. In recent years, the popularity of DIY type fix-it shows has skyrocketed, and with the increase in popularity, comes an increase in people wanting to buy their very own fixer upper. When deciding if a project is right for you, keep these things in mind:
- Time – In many cases, especially when moving, time is of the essence. Those magicians on TV make a “down to the studs” remodel appear practically instantaneous. Reality, unfortunately, is significantly slower. Be sure that the scope of the projects and timelines for completion are realistic for your situation. How soon must you be living in the property? Do you have a backup plan if the project takes longer than estimated? If you have another place to live or if the project is one that you can “live in” while in progress, then no problem! However, if you won’t have utilities or functioning bathrooms for months on end and another place to live is not an option, an extensive remodel may not be the best choice. If you have never done a large remodel, be sure to consult an experienced contractor with excellent references so you can get a gauge on how long it will really take.
- Money – Buying a project house will more than likely be significantly cheaper than buying the remodeled version. Whoo hoo for deals! Unfortunately, you’re going to need some funds to bring your vision to life. Contractor costs, utilities and permits all cost money and regardless of whether you decide to DIY or hire it out, you will still have to purchase materials. How much can you expect to spend on materials and labor costs? How will you pay for it? Will you be better off doing the project or buying something more move-in ready? Do your research. Be sure that the investment will be worth it and that you’ve got enough funds to pull it off.
- Sanity – So, lets be real—buying a house is stressful, moving is stressful, and a remodel is…you guessed it, stressful too! Luckily, they are all (hopefully) temporary stresses, but be realistic about your personal limitations for stress and if you’ll be ok with it. So, you’re planning on knocking out all the walls to make it more open? Demolition is fun, but do you know how to support the structure? Be realistic with your plans and expectations and know your limits. Once again, research can really save your sanity during a remodel. Plan ahead for the projects that you are absolutely sure you can tackle and budget for those which need a pro. You don’t have to do it all yourself and some projects (like rewiring a house and taking out structural walls) are best left to professionals.
There is something inherently exciting about buying a project house. A house just oozing with all those possibilities and all the things it could be. Buying a fixer upper could be a great way to get some sweat equity and truly design the house of your dreams. Only you, as the buyer, can decide if a fixer upper is right for you. Just be sure that you’re truly ready to tackle the fixin’.
Looking for a “cheap” fixer upper? See options under $100k here!
Lisa Priest loves a good remodel story and is a Broker/REALTOR® with Picket Fence Realty, Inc. You can call her via phone or text at 903-948-3343 or read more at BuyPalestine.com.
