Should You Buy A Fixer Upper?

When it comes to buying a house, many people tend to get excited about how their new place will look, and all the nice things that they can do to it.

That’s why things like showhomes and ready to move in to homes are so popular. They give people ideas and really kick in to the imagination with helping to see themselves living in that place, and things like magazines and home shows really attract the crowds in search of inspiration.

So, it’s no wonder that these are a booming part of the overall housing and property market. People want things that are done for them so they don’t have to do it themselves.

Well, a lot of people, anyway.

That’s not the case for everyone, obviously. Many people enjoy buying property as projects for many reasons.

It could be just a personal goal to buy a really old place that’s falling to bits, do it up and either sell it or live in it.

Then there are people like property developers who will buy places like this really cheap and sell them or rent them for profit.

There really is no right or wrong way to approach this, so it really just comes down to how much you want to invest in your property project, not just financially, but from a time perspective, too.

Yes, you can get a place really cheap, either through the traditional channels or you can buy a place at an auction and snag yourself a killer bargain, but what happens once you own the property.

Depending on how much work is needed, which will likely be a lot, the cheaper the place was, then you’re going to have to make sure you actually have the financial resources aside to carry out all the necessary renovation work, and this will include more than just painting and adding a few throw cushions around the place.

You’ll have to take care of all the structural and internal stuff, such as lighting, heating and plumbing.

Of course you can hire professionals like 1st Clear Flow for this to get a good job done, but you still have to budget for it, and this won’t all be done overnight, so if you were hoping to buy a cheap place and then make a healthy profit overnight, then you may have to rethink your plans.

Renovating a fixer upper can easily take months on the good side, and years on the not so good side, you have to be sure that you’re prepared to take that financial hit for that amount of time, and if you’re currently paying for the rent or mortgage on another place, then it may not be the best idea.

On the other hand, a fixer upper project can be a very rewarding thing to do and accomplish, especially once you see the completed version and are able to actually enjoy the benefits of it.

Like mentioned above, there’s really no right or wrong way to go about this, and it’s a completely individual decision, but it’s one that shouldn’t be rushed in to, and as long as you plan properly and deal with professional companies, then if you choose to buy a fixer upper property, then hopefully these tips have made it a little easier for you to see the bigger picture of what to expect.

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