There are many different types of houses on the market. Ones that are move-in ready are usually priced on the higher end, while those houses that need more work are priced accordingly.
The lower price can be enticing to many buyers. But, is a fixer-upper right for you? Here are a few ways to learn if the investment of time and money is a good fit for you.
What needs to be fixed?
Cosmetic features - like painting or replacing carpet - tend to be easier and not cost a ton of money. But, if your home inspection turns up structural problems like foundation issues or plumbing concerns, those are repairs that require professional attention and could lead to higher costs.
Do you have the time?
Fixer-Uppers can require a lot of time to make things just how you want them. And, that means you may be living in a home that is not completely finished for some time. If you plan to work on the house in the evenings on weekends, it could be a good fit for you.
Is it affordable?
You may have just put a lot of money into the house, but there will be more expenses if you plan to do upgrades. If you need to complete upgrades to make the house livable, that's something to consider in the meantime.
Do you have help?
If you are friends with contractors or those who have handy skills, you are in a good position. It takes time to find people you trust and who can complete any task for a reasonable rate and in a timely manner.
What advice do you have for those wanting to purchase a fixer-upper?