Buying a house that’s old, run down, and maybe even falling apart seems like a terrible idea on paper. However, it could be a good idea if you’ve got a clear picture of your future. If you know what budget you’re working with, and you’d love to work on an older home to make into your own, a fixer upper is a totally viable option! But before you truly dive in, let’s go through the biggest pros and cons of making this choice – here’s what to keep in mind when you’re shopping around for a home of your own.
You Can Save a Lot of Money
A house that’s clearly in disrepair, and needs a lot of work put in before a person can live there, is going to cost only half the price of a house that’s in good condition and all ready for permanent ‘tenants’. And that’s at most!
If the house prices in your area average £300,000+, you could get away with only paying around £150,000, which is a price that’s a lot easier to secure a mortgage for. And this is probably the main draw for you for buying a fixer upper; you can rest easy in the knowledge you’ve built it up yourself, and use the money you would have spent on the sale in the renovation.
You Can Bring Your Vision To Life
The truth of the matter is that you will want to stamp your personality on any property that you move into. So, if you’re going to invest time and money into updating the home, it makes sense to have a fixer-upper. Otherwise, you’ve paid extra funds for the previous owner’s work, which you’re looking to replace anyway.
Updating a fixer-upper also means you get the latest features rather than persisting with items that the past owner added five years ago. Kitchen makeovers allow you to incorporate the best appliances as well as the most stylish interior design features. Your floors, walls, extractor fans, lighting, sinks, and breakfast bar stools will all reflect your tastes.
When updating one or two rooms in a property, it can leave you with a disjointed look. With a fixer-upper, the fact you will change every room leads to far greater consistency.
However, Costs Can Be Hard to Work Out
This is the main drawback in comparison. Yes, you’ve got a lot more money to work with, but you may blow through that in a week if you’re not sure what work needs to be done. With a fixer upper, this is a hard thing to work out. The floor could be unstable, but the ceiling looks fine. Give it a month and then it collapses – will you have the budget to cope with this?
It’s Best to Talk to a Professional
Before you get stuck into getting any work done, or to even buy the house in the first place, it might be best to talk to someone who knows their way around a fixer upper property. A professional, in other words, that’ll be able to tell you the truth about what it’s going to cost, how long it’ll take, and the troubles you should expect.
Scheduling a consultation with a company like quicksons, or talking to a friend who works in the construction industry, are two great ways to get the lowdown. And if you’ve already worked with a surveying expert to get a proper report done, you’ll also be able to bring that into the meeting for a more concise picture of the work ahead.
Once you’ve done this, you can then start looking at professionals for other areas of the house. For example, if you decide that you want to make the place more eco friendly, you may want to look into solar panel installers to help you achieve this goal. It’s up to you, but keep the professionals involved as much as you can to ensure you get the best results.
If you want to buy a fixer upper as your first home, it could be a long time before you’re actually able to move in! But if you’ve got your heart set on it, you could save a lot of money on the initial sale and put that to better use elsewhere. It’s up to you!