With the rising costs of homeownership, finding a move-in-ready home within budget can be a challenge. But if you’re open to putting in a little work, a fixer-upper might be your ticket to homeownership. Lindsey Harn, a top real estate agent with Christie’s International Real Estate Sereno, suggests that buying a fixer-upper offers an opportunity to create your dream home while saving on the initial purchase.
“The perfect home is the one you perfect after buying it,” says Harn. “With careful planning, budgeting, and a little bit of vision, you can transform a house that needs some love into your ideal home.”
What Is a Fixer-Upper?
A fixer-upper is a home in livable condition but in need of updates. From simple cosmetic changes to more significant renovations, these homes usually come with a lower price point, around 29% less than move-in-ready homes, making them a great option for budget-conscious buyers.
Tips for Buying a Fixer-Upper
Before diving into a fixer-upper, keep these tips in mind:
- Choose a Good Location: You can improve a home, but not its location. Opt for a neighborhood with good property values and amenities.
- Budget for Surprises: Renovations often cost more than anticipated. Leave room in your budget for unexpected repairs.
- Get a Home Inspection: A thorough inspection will reveal necessary repairs, helping you plan ahead.
- Set Priorities: Decide on essential repairs versus upgrades. Prioritize your renovations and stick to your budget.
Bottom Line
In today’s competitive market, a fixer-upper can be a great way to achieve homeownership affordably. With guidance from an experienced real estate agent, you can find a property that has potential and aligns with your vision and budget.