If you’re thinking of selling your home and buying a new property, you might come across an opportunity to purchase a “fixer-upper”. In fact, the home might be priced based on its need for work.
Should you buy that “fixer-upper”? That can be a tough decision. Here are some questions you should consider:
- What repairs need to be done?
- Are there any major items that will need to be replaced soon, such as the furnace?
- What renovations are needed? How much, realistically, are those going to cost?
- How much of the work can you do yourself?
- How long will it take for the improvements to get done? (How long will you need to live with drywall dust?)
- How does the price of a comparable “move-in ready” property compare to this one?
Of course, before considering purchasing any property – especially one that needs work – you should get a professional home inspection. It will uncover any issues you can’t catch during a viewing. Ultimately, you’ll have to weigh the pros and cons before buying a fixer-upper.