20 Jun How to Decide if a Fixer Upper is Right for You
Sometimes, a fixer-upper is the right choice because of what you can do with it. However, buying a fixer-upper isn’t right for everybody. Before you start searching for the perfect home in the Jacksonville, Florida area, make sure you know it’s right for you.
The Work and Money You’ll put into the Home
Understanding how much work and money will need to go into the home before buying it matters. The work will not only need to be paid for, but it will also inconvenience you as it’s being done. Some remodeling projects and repairs take longer than others. Some will also inconvenience you more than others.
Before deciding if a fixer-upper is right for you, speak to your real estate agent and a contractor. Have the contractor walk the property with you and point out everything needing to be done. This will help give you a clearer picture of the total cost and the amount of time the work will take. Jason and Kyle at Redzone Realty Group should be able to help tremendously with this new project!
Does the Work Scare You?
While a little fear is normal with a fixer-upper, you should not be so afraid that it causes you incredible stress. If the work doesn’t scare you too much, a fixer-upper may be perfect for you. However, if you don’t think you can handle the work, you may want to look for a move-in ready home.
What’s your Budget?
Your budget will not likely make your overall decision, but it’s certainly a factor. If there are move-in ready homes in your budget, you may want to consider this option. However, you could still choose a fixer-upper and put the additional cash into the home.
Look at what you can get approved for from the mortgage company. In addition, look into any local grants or home buying programs that may help you if you buy a fixer-upper in the right area. Know the numbers before making the final decision on the right property for you.
Will the Renovations and Repairs Increase the Property Value?
If you do decide a fixer-upper is right for you, it’s important to understand what the home’s value will likely be after the repairs and renovations. Not all home improvement projects add value to the home, even if they make it look more appealing. Take the time to look into how each project will impact the overall value of the home.
Fixer Uppers Provide Many Benefits
While you may not be sure if a fixer-upper is for you, considering the many benefits can help tip the scales, too. A fixer-upper is a bit like your own DIY Custom Home. You buy it, you fix it up your way and you end up with your dream home. In addition, choosing the right property could lead to fast equity.
If you plan to do some or all of the work yourself, the property will become a part of you. You’ll put your heart and soul into it, even if you’re just picking out the decor and the different options throughout the process.
Fixer upper properties are not for everybody. However, if you can handle the amount of work, time and money necessary, you could have the perfect home of your dreams!