Is a Fixer-Upper Right for You?

There are many benefits of opting for a fixer-upper – especially when you’re a first-time buyer with a tighter budget. A house that’s in need of some TLC can help you get into a more desirable neighbourhood without having to pay as much upfront as you would with a newer home. But even though it may seem like a smart move, it’s certainly not for everyone. It can end up turning into a lot more than you had bargained for. Whether you’re ready to get out your tool belt or hire someone instead, here are a few good points to consider first when trying to determine if a fixer-upper is right for you.

Is a Fixer-Upper Right for You

The Cons

Unexpected Costs

Though fixer-uppers can seem like a more attractive option, as you don’t have to pay as much up front, it’s important to keep in mind that a good majority of renovations and remodels usually end up consuming more money than initially expected. If you’re caught off guard by any unforeseen problems and costs, this can leave you in a serious financial bind. Also, if you’re forced to stay in a house that’s in rough condition, it can become a safety hazard for you and your family.

The Amount Of Time It Takes

Starting up major renovations right after moving in is something we always recommend against. Waiting at least six months to a year allows homeowners to get to know their new home first, along with any kinks, nuances, and areas that really need improvement. Taking your home for a “test drive” before getting into any renovations can help you better understand what it needs, while also giving you more time to save up and settle before jumping back into a chaotic environment.

The Stressful Environment

Whether you’re planning on handling the overhaul yourself or hiring contractors, it takes a certain personality to endure the stress, dust, delays, and hectic environment that come along with major home renovations. So, are you willing to live in a construction zone for several months together with your spouse or family?

The Pros

You Can Save More Money

Of course, the main reason why many of us choose to go down this route is because of the cost savings. Getting into a new, modern home in your desired neighbourhood may simply not be an option for you, but swapping some imperfections for a lower price and good location can be well worth it.

You Can Make It Yours

Whether it’s designing your dream bedroom, living room or kitchen, fixer-uppers can also give you the opportunity to reflect you and your family’s personality, tastes and lifestyle. This isn’t always as easy when you move into a newer home that’s already done for you. Having the ability to truly create the home of your dreams is always a bonus.

Boost The Value Of Your Home

The best part about having home improvements completed is that you get to enjoy them while also increasing the resale value of your home at the same time. So if you ever plan to sell in the future, you can feel confident that at least you’ll be able to make a much greater profit on your home.

Before you decide if a fixer-upper is right for you, contact us at the Mortgage Advisors. Our team of experts can discuss your options, and even show you how to benefit from certain programs like the Purchase Plus Improvements Program which can assist with your renovation costs. Reach out to us today to learn more!

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