March 20, 2024
Have you considered finding your perfect home in a fixer upper?
If you’re trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper — a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a truly great option if you’re trying to break into the housing market or hope to further stretch your budget. According to NerdWallet:
“Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days, a move-in ready home can be hard to find, especially if you’re on a budget.”
Basically, since the number of homes for sale still remains low, if you’re restricting home tours to only those having all your dream features, you may be reducing your options too much. Casting a wider net with less requirements can make it easier to find more options with the potential to fulfill your needs and your dreams.
Sometimes the perfect home is the one you perfect after buying it.
Here’s some information to help you pinpoint what you truly need and so you can be strategic in your home search. First, make a list of all the features you want in a home. From there, work to break those features into categories like this:
- Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle.
- Nice-To-Haves – These are features you’d love to have but can live without. Nice-to-haves aren’t deal breakers, but if you find a home that hits all the must-haves and some of these, it’s a contender.
- Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner.
Once you’ve sorted your list to reflect your priorities, share it with your real estate agent. They can help you find the homes that deliver your top needs now and have the potential to become your dream home with a little bit of sweat equity. Lean on their expertise as you think through what’s possible, what features are easy to change or add, and how to make it happen. According to Progressive:
“Many real estate agents specialize in finding fixer-uppers and have a network of inspectors, contractors, electricians, and the like.”
Your agent can also offer advice on which upgrades and renovations will prepare you for the greatest return on your investment if you ever decide to sell in the future.
Bottom Line
If you haven’t found a home you love that fits your budget, it may be worth considering all options, including fixer-uppers. Sometimes the perfect home for you is the one you perfect after buying it. To see what’s available in our area, let’s connect.
Courtesy of: Keeping Current Matters