Typical home buyers seek out beautiful homes that are completely move-in ready. However, your current financial situation might hold you back from affording your dream home with all the amenities. That’s where the fixer-upper becomes a great option. Although these types of homes aren’t as polished as move-in ready homes, don’t be so quick to rule them out as an option when house hunting. Fixer-upper homes have massive potential to become the home of your dreams, with some work. Although the idea of a large home renovation project may seem daunting as a home buyer, purchasing a fixer-upper is a great way to create your perfect home at a lower cost. Here are our top 5 reasons you should make your next home purchase a fixer-upper home.
- Bigger Home: With many fixer-uppers, you are able to buy a home with more square footage for the money you are spending. Move-in ready homes of the same square footage will come with a higher price tag.
- Better Neighborhood: Finding a fixer-upper in your ideal area is a great way to get into your desired, but maybe pricey neighborhood and ideal school district.
- Get a Good Deal: There are less people in the market seeking out fixer-uppers, which means less competition for you! Sellers typically price these homes at less than market price. If you find one you are ready to buy, there is a good chance you can even negotiate with the seller for less than the asking price because they will have significantly less offers on the home.
- Customize Your Home: The repairs you make will allow you to customize the home to your preferences, this is a great route to take if you have unique tastes or have a specific wish list for your dream home with items that just don’t typically come with move-in ready homes. You can truly create and customize your dream home!
- A Renovation Loan: The FHA 203K loan will help you upgrade your fixer-upper. This loan allows you to finance significant repairs in an older home into the loan without affecting your own cash reserve. This loan can cover repairs such as decks, patios, bathroom and kitchen remodels, and much more!