Home renovations are not for everyone. I personally, love hunting down tile, selecting vanity pulls, and deciding between brushed nickel and oiled rubbed bronze faucet finishes. This would be some people’s nightmare. I am also ok with having my life temporarily disrupted for over a month when having a bathroom gutted. Are you?
Think about this when searching for a home. You might be better off buying a home that is newer or that has already had updates made to it. You will pay more, but that might be the right choice for you.
We bought a 1960’s split level in a great Raleigh location that we’re slowing bringing up to date. This means we live with rooms that are a bit of a time warp for years at a time. If you are up for buying a home needing updates, do you have the money to renovate all at once? If not, will it bother you to have portions of your house still in their original state?
If you are planning to look for a new home to purchase, but are wondering if you should consider homes needing some reno, I am happy to chat and share my experiences with you. Here are some basic pros and cons…
Positives to buying a fixer upper
- You can perhaps score a home in a neighborhood normally out of financial reach.
- You get to choose colors, fixtures, and design things to your taste and budget.
- You can update at your own pace as you have the cash to do so.
- You will learn a lot about your home and know exactly what was done and how.
Negatives to buying a fixer upper
- You have to live in a construction zone for a period of time. It will be messy.
- You will have to make many choices and decisions. It can be overwhelming.
- Unexpected problems will arise…. always. Budget extra for surprises.
- You will need to pay for your updates with cash/check/credit card unless you get another loan outside of your original mortgage. If you buy a home with the updates already made, the added expense of an updated home is rolled into the original mortgage.
- You may be competing for homes with flippers who are generally cash buyers. Sellers like cash buyers. They also like flippers who will often take a house “as is.”
Hope you found this post helpful. I will be following up soon with some posts about my personal home renovations and what I learned in the process.
Come house hunting with me!