Buying a house can be expensive, but you can make some savings by buying a fixer-upper home. If you do this, you need to make special considerations because, while you’ll pay considerably less for it, you’ll need to put in some work. You should therefore be prepared for this commitment, and the following are some of the pros and cons of buying a fixer-upper home as opposed to a regular home.
Affordability is the first pro that you’ll get from a fixer-upper home. This is because it will be priced well below the market price as a result of the fixes that you need to make. There may also be less competition for purchasing a house because not many people will want a fixer-upper. You can therefore get the home that you want at a lower listing price.
Another benefit of buying a fixer-upper home is that you’ll have the ability to customize it as you please. This means that you can remodel the spaces as you like in the course of fixing the house. For example, you could strengthen any areas that you feel need more support by introducing residential post-tensioned concrete slabs. These are typically eight inches thick and use 3000 psi concrete. After this concrete gains strength to 2000 psi, generally in the three to 10 days recommended by PTI, the tendons are stressed.
Finally, you could access better neighborhoods for a better price by buying a fixer-upper. You could thus get access to amenities you need, like mass transport, better public schools, shopping on an affordable budget, and even parks. You can get the lifestyle that you aspire to get by buying a fixer-upper at a price that’s reasonably within your budget.
One of the cons of getting a fixer-upper is that you may end up having to spend a lot more than you’d budgeted for if you’re not careful. This is because you could end up having to replace appliances whose specific state you may not have been aware of. For example, with almost 90% of homes using air conditioning of one kind or another during the pandemic in 2020, according to the United States Energy Information Administration, this is a system that may need immediate replacement in a fixer-upper.
Another con is that when you buy a fixer-upper, you’ll need to find somewhere to live for the duration of the project. This may either put you under pressure to do the renovations or cost you additional resources as you have to find a place to wait, especially if you have a family. It’s also difficult to come up with a budget for the whole project because with most fixer-uppers, there are almost always unexpected issues that arise.
The third disadvantage of getting a fixer-upper is that you’ll have limited access to financing your project. Traditional mortgages, for instance, simply don’t cover renovation costs. You could find loans that will cover these renovations, but they often have limitations on how you can do the work or what upgrades you can add. You may run out of money on a crucial project such as drain cleaning or repair, which will have a number of signs that it needs to be done. These signs include foul odors, frequent drain treatments, water backups, slow draining, and gurgling or bubbling sounds coming out of your pipes.
Consider these pros and cons of buying a fixer-upper before you do. Doing so may help you to make the best choice in getting a home that you won’t regret. You’ll be ready for the outcome depending on the decision you make, so give it consideration and do your due diligence.