Whether you’re trying to stay within a certain budget or you’re inspired by the TV show, you’re in good company when considering a fixer-upper. But you might have some questions or hesitations surrounding the idea. And we get it; agreeing to take on a fixer-upper can be like treading into the great unknown. And it’s not always the best choice for everyone. So, we thought we’d help you wade through the decision.
Is a fixer-upper the right choice for you?
Buying a fixer-upper is a pretty popular investment these days. Especially since the lower cost house can help a buyer feel more confident in their choice. Opting for a fixer-upper can definitely work in your favor by buying a house below market-value, improving it, and selling it for a profit. Though there are fantastic benefits, it’s important to consider what all buying a fixer-upper can entail.
You get to:
- Put your creative spin and personal touches into the space.
- Work with a talented team of various experts to bring your vision to life.
- Make wise investment decisions that can result in a rewarding return.
- Pay less to own the property.
- Pay less in property taxes since those are calculated on the sale price.
What you’ll need to keep in mind:
- Fixer-uppers aren’t typically move-in ready.
- It’s hard to know exactly what everything will cost up front.
- There is some risk involved. When a property has been sitting empty for a while or hasn’t been properly cared for, there can be costly surprises.
- Depending on the scope of the project, fixer-uppers can take months or possibly even longer to complete.
- You may need to acquire building permits, which can be around $1000, if you’re making any structural changes.
While some like to take on a fixer-upper as a DIY project, we would highly recommend leaving some things to the professionals. We’d love to learn more about your project and help you determine what you can DIY and what we can help you with.
Inspired? Check out more of our home renovation content:
- Wise home improvements to make before selling
- Millennial renovation must-haves
- Top baby-boomer renovation trends
We are Meridian Design Build, Ltd. a Charlotte construction company that provides every client with comprehensive, timeless results with an unwavering commitment to quality, character and integrity. Ready to start a project?