Is a Fixer-Upper the Right Choice for You?

Thinking about buying a home but finding it hard to find something within your budget? Here’s the good news: there’s still a way to achieve homeownership—even with rising prices—and that might just be with a fixer-upper. Let’s break down why a fixer-upper could be the solution to owning a home and how to make it a successful project.

What’s a Fixer-Upper? 

A fixer-upper is a property that’s ready to live in but needs some improvements. The level of work varies from house to house—some may just need simple cosmetic touches like fresh paint and flooring, while others may call for more serious repairs, such as roof replacements or plumbing updates.

Because fixer-uppers require some renovation, they’re generally priced lower than fully updated homes in the same market. A study by StorageCafe even found that these homes are usually around 29% less expensive than move-in-ready options, making them an attractive choice for buyers looking to stretch their budgets.

And right now, more buyers are starting to see the benefits of considering homes that need a little extra love.  (see below):

Is a Fixer-Upper Right for You? 

If you're open to rolling up your sleeves and taking on a few projects, buying a fixer-upper can be a smart way to get into the market. Here are a few essential tips to consider before taking the plunge.

Tips for Buying a Home That Needs Work

1. Pick the Right Location: Remember, you can change a home, but you can’t change its location. Look for properties in neighborhoods you love or areas with rising property values and nearby amenities. This way, even after investing in repairs, your home’s value will likely increase.

2. Budget for the Unexpected: Renovating can be unpredictable. It’s wise to set aside extra funds for any unforeseen repairs or additional costs that could come up as you work on the home.

3. Get a Thorough Home Inspection: Before finalizing your purchase, hire a home inspector to assess the property. An inspection can reveal essential repairs, helping you avoid costly surprises down the line.

4. Prioritize Your Renovations: Make a clear plan for what you want to tackle first. Think of your home improvements in terms of essentials (must-haves), conveniences (nice-to-haves), and future upgrades (dream items). This will help keep you on track and within budget.

Remember, a home doesn’t have to be perfect when you buy it—it’s the potential to make it your own that counts. A fixer-upper offers a chance to personalize a home to your taste while saving on the purchase price. With planning, budgeting, and a creative vision, you can turn a house that needs work into your ideal living space.

Real estate agents can be valuable partners in your search, helping you find homes with the right potential. They know the local market and can guide you to properties where smart renovations can boost value, ensuring you find a home within your budget with room to grow.

The Bottom Line 

In today’s housing market, affordability can feel like a barrier to homeownership. But if you’re open to investing time and effort, a fixer-upper could be the answer. With a little vision, patience, and creativity, you can transform a house in need of updates into a home you love. Let’s talk about what’s possible and find a property with potential for you.