If you’re a dedicated viewer of home renovation shows, you know how easy they make it look on TV. In just 30 minutes, a team of go-getters transforms a dilapidated structure of warped wood, crumbling bricks, and rusty nails into an architectural masterpiece right before your eyes! You might even find yourself thinking: I could do that!
Well, maybe. But should you?
Sure, buying a fixer-upper is tempting in theory. Many buyers entertain lofty goals of funneling the funds saved on the low purchase price back into the house to create their perfect home. But there are plenty of drawbacks—and for many if not most buyers, “house flipping” is better left to the folks on HGTV.
Keep reading as we explore some of the pros and cons of buying a fixer-upper.
Pro: You can get a GREAT deal
Let’s face it—homeownership doesn’t come cheap these days. Between elevated mortgage rates and inflated home prices, it’s just not easy to get into the current market, particularly for first-time buyers. A house that needs some work could seem like the answer you’ve been looking for. It may be listed at a bargain price, so you could save money up front, handle the repairs yourself, and end up with a great home that’s oozing resale value.
Con: You get what you pay for
It’s a saying for a reason. Fixers may come cheap on the front end, but often the cost of the needed repairs outpaces the savings pretty quickly. That’s even more of a concern if you’re buying “as-is.” A fixer-upper that appears to need some simple cosmetic work could be hiding much bigger—and costlier—issues that you might not learn about until you’re neck-deep in repairs and way over your head financially.
Pro: You’re in control
A fixer-upper can be viewed as a clean slate. You’ll be able to customize the home just as you like it. You can also derive peace of mind from knowing the quality of the repair work. (No shoddy rush jobs or corner-cutting here!)
Con: Living in a construction zone
If the work being done on your home isn’t extensive enough to force you into temporary housing, then you’ll have to endure the noise, dust, and general chaos as you try to go about your daily life. For some, that’s an acceptable trade-off for the long-term satisfaction of the finished product. For others, it’s added stress that can be tough to manage for the duration of the renovations.
The Bottom Line
Whether or not you should buy a fixer-upper depends on your unique situation—from your priorities and lifestyle to your financial situation and long-term goals. You’ll want to carefully weigh the pros and cons (the ones we’ve mentioned here as well as others that could impact your decision), consider the feasibility of undertaking such a big endeavor, and analyze the risks that are involved. Get your agent in on the discussion, too. They have a deep understanding of your local market and may be able to offer some valuable words of advice, caution, or recommendations.
Whether you decide to go all in for a fixer or find a turnkey option that suits your needs and your budget, make sure to do your searching through Nestfully. Featuring listings straight from the MLS—the same source the pros use—Nestfully and its free new mobile app give you the most accurate and complete selection of available homes you can find anywhere.
