Buying an fixer upper can be a great way to move into your ideal neighborhood or buy more home than you could otherwise afford, but it’s definitely not for everyone. Here are three reasons you may want to skip the fixer upper and put an offer on something that needs less work:
1. The home needs significant structural improvements. Replacing or repairing major things such as plumbing and electrical systems, foundation upgrades, etc. are expensive, time consuming, and rarely ever offer a return on investment that actually increases the value of the home enough to make it worth it.
2. You shy away from getting your hands dirty. The most cost-effective way to turn a fixer-upper into a dream home is to do as much of the work as you can yourself. You don’t have to do everything yourself, of course, but the more you contract out the more time and money you will spend turning your home around. If you’re not a do-it-yourselfer you may want to skip it.
3. You aren’t prepared to spend money. Sure, the price on a fixer-upper seems like a steal, but once you add in the (often extensive) costs of renovation the total cost of your home goes way up. If you’re not prepared for that bottom line going in, you should probably walk away.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-644-2266.