Tag: fixer upper

Yesterday we talked about reasons you may want to forgo a fixer-upper for a finished home, but fixer uppers can be a great option for many people.  Today, here are five options that you may want to consider a fixer-upper for your next home:

1.  You are looking for a home in a specific neighborhood.  If you’re looking for a home in a very specific area and there just aren’t very many available considering a fixer-upper may help you settle into your ideal location.

2.  You live for do-it-yourself projects.  Turning a fixer-upper into a dream home requires a lot of time and money.  The ideal situation is to do as much work as possible yourself.  So if you don’t mind giving up your free time for the foreseeable future to get your hands dirty, or if you even enjoy hands-on work then a fixer-upper may be just what you’re looking for!

3.  You have financing in order.  If you are prepared for the cost of your fixer-upper to be much more than the cost at settlement and you have financing in order to cover the cost of renovations either through cash-on-hand, a renovation loan, or other lines of credit then you are probably ready to consider a fixer-upper.

4.  You have extensive repair knowledge.  If you don’t have the extensive knowledge base necessary to successfully bring a fixer-upper into dream-home territory you at least need the willingness to learn and the time and money to “practice” with since there is a large margin for error when you are leaning these things.

5.  You can see your dream house potential.  If you can walk into a home and envision it just as you’d like, then you probably have the vision to walk through the remodel a step at a time.  Just remember that fixer-uppers take time to renovate.  If you’re willing to wait months, or even years for your dream home then go ahead and offer on that fixer-upper in the perfect location!

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 – 302-856-6434.

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.