Pros and Cons for Buying a Fixer Upper:
In real estate, you may hear quite a lot buying a fixer up. This has many different meanings but they all mean that it is a home that is in need of a lot of work cosmetically and a lot of TLC to make it a home again. Buying a fixer upper can be worth it depending on the certain situation you are in. If you are in a good financial state, a fixer upper can be beneficial for an abundance of reasons. Some reasons vary from being an investor who is fixing up a property to rent out, a construction worker who bought the home to flip and resell or even someone who bought a fixer upper to make their dream home.
The pros to buying a fixer upper can be worth it since they usually are bought at a low price depending on the amount of work that needs to be put into them. You will tend to have less competition when buying a home in this condition so you will be able to get it for a good deal. Depending on your plans with the fixer upper, you can also determine the worth that it has. Throughout the process of restoring a fixer upper, you are able to customize the entire house and transform it into your dream home. This means you are in charge or quality of products and have free reign to make it your own. By investing and restoring the fixer upper completely, the equity of the house will increase drastically.
The cons of buying a fixer upper are that if you do not have somewhere else to live while renovations are being completed on your fixer upper then you will have to live in a construction zone for a long period of time. Another con is unexpected issues could arise when buying an older home. Lastly, budgeting and expenses may start to add up. However, you can make your way around all of these cons if it is right for you!
Overall, when it comes to buying a fixer upper there are a few steps you can take to make sure the process goes smoothly. You should get a home inspection to see what problems truly arise when a professional looks at every inch of the home. This will help you estimate what your renovation costs will look like and you can also determine which projects you can tackle on your own to save some money. With that information, you can now determine if you will need to secure any permits or take any further steps before construction begins. Lastly, you can get specific loans as well for a fixer upper which you should reach out to your mortgage broker about! If you are looking for a fixer upper, give us a call and a qualified agent will be by your side through the whole process!
Looking to buy or sell your home on Staten Island? For all your real estate needs, look no further than Tom Crimmins Realty! Give us a call at (718) 370-3200, and we can provide you with professionally-trained agents who are flexible to all that you’re looking for!
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