Reasons to Consider a Fixer Upper
Fixer uppers have got some bad reputation. Risk, inconvenience, stress, and mess are some of the words most people associate with fixer uppers. While many people prefer buying new homes, not everyone is willing to pay the premium prices required for new properties. However, there are some people who think rationally and take a look at the positive side of fixer uppers. Consider the cons of fixer uppers as a trade off in light of the following reasons why you should consider buying a fixer upper.
Live in a neighborhood of your preference
Almost all of us want to live in a suburb we consider ideal. However, not everyone can afford this. The good news is that you can find a fixer upper in one of your dream neighborhoods at a price considerably (about 30 percent) lower. This means you can buy a less than a perfect home in a perfect neighborhood and then convert it into a posh home through renovation.
Also, consider the savings in terms of the size of the home. For example, you may typically purchase a new home of 2,000 square feet in a normal suburb; however, at the same price, you can buy a fixer upper of 3,000 – 3,300 square feet in a posh locality. With a few renovations, you can increase the value of your home by tens of thousands of dollars.
Renovate and redesign the home to your tastes and needs
Since the fixer upper is already in need of renovations and improvements, you have the opportunity to custom-tailor the home to your needs and preferences. You can redesign and renovate the home to complement your lifestyle and make more functional for you and your family.
For example, you can redesign the kitchen to be more practical and look classy or renovate the living room to make it look more stylish and elegant. If the fixtures do not match with your personal preferences, you can replace them. If you have a love for interior designing or architecture, a fixer upper can give you the opportunity to experiment with and practice your passion.
Sell the home for a handsome profit
Do you know why professional home flippers buy fixer uppers? It is because they make a profit by buying a rundown home and selling it after renovation. This means you can also make a huge profit by buying and then selling a fixer upper. However, you need to make some smart renovations to the home to make it more valuable. Let’s say a fixer upper in a posh neighborhood costs you $200,000. If you invest $50,000 into its renovation, it will sell like a hot cake at $320,000 – $350,000.
Are you thinking to purchase a home in your favorite neighborhood in Minnesota but are on a tight budget? Consider buying a fixer upper in the suburb of your dreams. With a few renovations, you will not only customize the home to your requirements and ideas but also boost its resale value.
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