Buying a Fixer-Upper: Is it a Good Idea?

Home improvement reality shows are extremely popular, and many more people are now considering purchasing a less-than-stellar home and renovating the property to create the home of their dreams.  But is that actually a plausible reality?  Or is it really more trouble than it’s worth?  Here are some things to think about when searching for that perfect home.

Reasons to Consider Buying a Fixer-Upper

  • You Can Make it Your Own – It is true that when a lot of renovating is necessary, the end result can be whatever you want it to be.  Custom cabinets, designer bathrooms, a master closet you can live in – the sky is the limit as long as…..
  • You Have Access to an Appropriate Construction Budget – If the house is old, you might encounter hidden problems along the way that can eat up your renovation funds.  A good home inspection can give you a better idea as to what type of budget you will need to make all of the appropriate repairs!  Make sure to call Lakes Area Home Inspections at 262-818-0911 for a thorough report before you commit to a contract.
  • You Can Get a Great Deal – A fixer-upper should come along with a lower listing price than a house you can move right into.  Along with a lower purchase price, you can also save on property taxes (which are based on the selling price of the home).  If you are completing the renovations yourself, you can end up saving a lot in the end.  

Why a Fixer-Upper May Not Be the Right Choice

  • You Need to Move in Right Away – Construction takes time ( a lot longer than it would appear on many of these TV shows), so if you are looking to get settled quickly, this is probably not a good choice.
  • You Don’t Have Enough Funds Set Aside – If you are on a tight budget, a fixer-upper could cause issues.  As mentioned, unexpected costs are common during renovations so if you don’t have extra funds to spare you should probably stick to a set purchase price.
  • You Don’t Have Enough Patience – There is a lot that goes into getting a house ready to live in.  Securing financing, designing, construction, inspections…it all takes time and things usually don’t stay on schedule.  If you don’t want to deal with the process, it’s best to avoid the fixer-upper.

Whether you are completing extensive renovations or buying a house ready to move right into, you are going to need an inspector along the way!  Call Lakes Area Home Inspections at 262-818-0911 for a reliable, knowledgeable, and experienced inspector who will provide you with the information you need to make the best decisions about the house you purchase.

Referenced article here

LAHI serves the entire area of Northern IL and Southern WI.  If you are in Wauconda, Lake Zurich, Des Plaines, Lake in the HIlls or the surrounding areas, give us a call at (224) 334-8885 so we can get you on our schedule

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