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Tips From The Pros

5 Advantages to Buying a Fixer Upper
Saturday, August 5, 2017

Each of us has our own idea of what makes a house a dream home.  For some it is an open floor plan while still others must have a master bedroom with an en suite bathroom.  While there is nothing wrong with dreams, in a market like ours here in the Tristate where affordable homes are currently scarce it’s good to keep an open mind about the potential that can be found in a fixer-upper.  The following are a few advantages to consider.

 

o   Price – A home that needs renovation will likely be less expensive as these properties rarely list at full market price.  Those savings allow for a much bigger remodeling budget.

 

o   Competition – Since a lot of buyers don’t want to put a lot a work into a house competition is usually over newer construction meaning that fixer uppers are the perfect opportunity to find a bargain.  This can be a huge help to first-time homebuyers or house hunters looking for homes in markets with low inventory.

 

o   Blank Canvas – With a fixer-upper you decide what you want the result of your renovation to be rather than having to settle for a home that doesn’t really reflect who you are. 

 

o   Quicker Equity – Renovating a home soon after buying can bump up your equity very quickly and that opens the door to a lot of other benefits including raising your personal net worth and allowing you to refinance sooner, if you choose.

 

o   Renovation Loans – The Federal Housing Administration’s 203k loans  -- the 203k Streamlined Mortgage and the full 203k Mortgage, -- provide homeowners with funds specifically for fixer-upper projects and area available for homes with needs ranging from cosmetic improvements to extensive structural work.

 

When searching for a new home don’t limit yourself by looking only at homes with your "must-haves" built in.  You could save time and money by purchasing a fixer-upper and letting Midwest Property Pros handle the renovation!  Contact us today for a consultation and let us show you what we can do for you

 




 

 

 

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