The Benefits to Buying a Fixer-Upper
The dream of home ownership is something familiar to most of us. The feeling of walking through a door that is yours, of painting a kitchen without asking a landlord for permission, of knowing you can get a dog if you want or a cat, that you can tear up the yard and plant a garden, that the work you do will not benefit the property value of a home that you could be evicted from as soon as the owner decides to raise the rent. It’s a difficult sensation to describe. One thing, however, is fairly certain: the desire to own a home of one’s own can lead to a sense of hopelessness and desperation, which causes some people to purchase a home that is not right for them for numerous reasons. We’re going to explore some common pitfalls associated with purchasing a home without due consideration.
“Honey, Call the Carpenter!”
Many homes on the less expensive side of the market share one big thing in common: they need a lot of love. If you’ve got a grasp on how to use a miter saw, the process behind mudding and taping, and the steps to accomplish light demolition, then this might be perfect for you! If not, you may want to consider either A) learning a lot of new things in a very short period of time, or B) looking at a different home.
While the price might be perfect, a home that still needs a lot of improvements is a home that is always going to cost more than you expect. While the initial payment might be manageable, consider the additional costs associated with needing to purchase supplies (if you can do the work yourself) or if you need to hire a professional (if you find that the work is beyond your capabilities).
Before jumping into buying the fixer-upper, really take stock of how much time you have to put into restoring the building. Consider whether this is even something you feel comfortable doing. It is one thing to want to refurbish a home from the ground up, it is an entirely different ball game to actually do the work.
And you shouldn’t feel guilty or ashamed if you aren’t up for a restoration project! Not everyone has the time or mental energy to learn electrical work, plumbing, carpentry, and masonry.