Why Buying Fixer Upper Homes Is The Best Decision You Can Make

Fixer-upper homes are often seen as a burden. However, there’s more to it than just expensive renovations. Fixer-upper houses represent an opportunity for real estate investors to make a sizable profit. These houses can be bought and renovated at a much lower cost than the market value of such properties. In this article, we will present you with 4 reasons why buying fixer-upper homes is the best decision you can make.

Lower purchase price

When looking to buy a home, you’ll find that fixer-upper properties are usually offered at a much lower price than their non-renovated counterparts. This is the result of the fact that these properties are often undervalued by the general public and real estate agents. Due to their run-down state, many potential homebuyers will choose to avoid these houses, resulting in a drop in the home’s value. This can be attributed to many psychological factors, including the fear of extra costs associated with the renovation of such property.

Less competition

The majority of general homebuyers are attracted to newly built homes. This is because they offer an uncluttered environment with no hidden issues. Furthermore, when such properties are first put up for sale, they will be subject to a large amount of public attention, driving the price above their market value. On the other hand, Fixer-upper homes are not very popular with new homebuyers. In fact, many people will avoid these properties due to their damaged and unclean state. As such, you’ll be able to find fixer-upper houses for sale at a relatively low price. This will result in fewer competitors at the time of purchase. You should, however, be careful when purchasing fixer-upper houses. Make sure to inspect the property to determine any underlying problems thoroughly.

Flexibility on a new home design

Many homebuyers will find themselves trapped when purchasing a newly built property. The owners of such properties often have a specific design in mind and will not settle for any alterations. This can be an issue for people looking to buy a home but who want to add their personal touch to it. This is not the case with fixer-upper houses. You can renovate the house in any way that you want. Bring on board architects and structural engineers to help you develop a new home design to put your stamp on the new property.

Remember to plan with the end in mind; while there are small changes you certainly can decide on at a moment's notice, there are bigger changes that will need to be dealt with at an early stage. For example, if you want to break out a wall to create an open plan space, this is something you need to get right from the word go. When it comes to decorating, you can truly create something special by creating a feature wall. Here is a popular option: https://www.stikwood.com/collections/pine-wall-planks. The point is that buying a fixer-upper gives you ultimate control if you can envision something beyond what you're buying. 

More scope to add value.

The price at which you purchase your house will be the same or even lower than the price you sell it. The renovation of fixer-upper houses can be costly, but it can also add a lot of value to the house. This makes it possible for you to obtain a home well below its market value and sell it at a much higher price than what you paid. With new windows, structural repairs, interior upgrades, and new landscaping, it can be worth much more. As such, you’ll be able to make a profit from the renovation of your house.

When buying a house, you’ll find that fixer-upper properties are usually offered at a much lower price than their non-renovated counterparts. This is due to the fact that these properties are often undervalued by the general public and real estate agents and require a lot of work to make them habitable for modern living. If you are brave enough, you can make your budget go much further by buying a fixer-upper.