Buying a new home is an incredibly exciting time. Of course, however, there are a lot of decisions to make along the way. As you search for the perfect home, one thing you’ll have to consider is whether you want to buy a brand new home, or if a fixer-upper is more within your budget. Here are some pros and cons of buying a fixer-upper, as well as an overview of how our realtors at The Jana Caudill Team can help—
One of the biggest pros of buying a fixer-upper is a lower purchase price. A fixer-upper will almost always cost you less to purchase than a move-in-ready home in the same area. If you’re worried about how much home you can afford, a fixer-upper can get you into a home even if your budget is small.
Another big pro of a fixer-upper is that when you buy your fixer-upper and then remodel it, you’ll significantly increase the value of the home. Whether you’re looking to buy and flip or stay in the home long-term, this can be a win for your finances.
Finally, the other pro is that there will likely be less competition over a home that needs a lot of work than there would be for a brand new, move-in-ready home.
Buying a fixer-upper can have some major benefits, but it also has some downsides, too. The biggest drawback can be summarized in one word: money. Depending on the extent of repairs that are required for the home, you could sink a lot of moolah into your fixer-upper, and run out of cash before the home is where you want it to be. It’s important that you have a good grasp of your finances and how much a remodel may cost before you commit to a fixer-upper.
Before you buy a fixer-upper, it’s strongly recommended to consult with a realtor who can help you to understand your options and financing. Your realtor can also help you to find the best home for you based on your needs, finances, and wants.
To learn more about buying a fixer-upper and how to find the best home for you in Northwest Indiana, call The Jana Caudill Team today. We are one of the top-selling agents in the area and have a great reputation. Reach out to us now to learn more!