There are both advantages and disadvantages to buying a home that needs to be renovated. However, there are typically more disadvantages. Of course there is the advantage of saving money on the original price of the home. Many fixer-uppers are listed at a cheap price because it’s understood that you will have to invest money into the property in repairs.
Try to avoid the mistake of buying a home at a cheap listed price if you can’t afford the time and money that will have to go into the house. Many people believe they can do the majority of renovations on their own without hiring handymen, however, most of the time this is just completely untrue. Many people also seem to believe that it won’t be that expensive to make-over their new homes. If it’s a real fixer-upper, then it will probably be more expensive after factoring in the cost of labor, materials, and time.
Perhaps you know how to install a door or two, but depending how complex the necessary repairs are, I suggest hiring professionals to help you. On the other hand, if you are a handyman yourself or are interested in flipping homes, purchasing a fixer-upper can be a great way to both save money and potentially make a profit.
On the upside, if you buy a property that needs a makeover and you have the funds to afford it, you have the ability to create your dream home. Fixing and reconstructing a home can give you decision power over the layout and look of the home.
Buying a fixer-upper has both advantages and disadvantages. Make sure to evaluate your specific financial situation and timeline in order to decide if it’s the right decision for you.