Fixer uppers can seem like great bargains, but buyers should be cautious before diving in. While sometimes a fixer upper is the perfect opportunity to create the house of your dreams, other times, it can feel like a never-ending drain on your time and money. While there’s no way of knowing exactly what you’re getting into, there are some important questions future home buyers can ask themselves to better assess whether a fixer upper could be right for them. Let’s dive in:

What is my schedule like?

The first thing home buyers should assess when thinking about a fixer upper is their time. While the list price might be significantly cheaper than buying a newer home, what you initially save in money might turn into a lot of invested time. Of course, that depends on how much of the work you’re planning to do yourself. It’s important to take a realistic look at your schedule to determine how much time you have to invest in tackling projects and working on a home. It’s also important to think about your longer-term timeline in the sense that a fixer upper may take months before it’s totally comfortable to live in.

What is my experience?

How much of the work are you planning to do yourself? This can have major implications when it comes to your budget and your timeframe. While some home buyers are tempted to take it all on themselves, it’s important to consider your level of experience. While some fixer uppers may just be in need of cosmetic work, others have more serious issues with things like heating and plumbing that should be tackled by someone with experience. Having a sense of what your role in the project would be is key.

What is my budget?

Logically, budget is another important consideration here. While you’ll save on the price of the home, you’ll also need to invest to fix up your fixer upper. What is your maximum budget? Comparing that against the cost of a fixer upper can be tricky. Every property is different, and it’s not usually possible to assess everything that will need work before you purchase the home. I’d recommend buyers set a budget that leaves a significant amount of wiggle room for unexpected expenses and use that as their guideline.

What are my priorities?

What matters to you most in a home? If you want customization and character, a fixer upper could be great. If you want ease and convenience on the other hand, maybe less so. It’s important to check in and determine which things are most important to you and if a fixer upper fits that criteria.

Are you up for an adventure?

Finally, taking on a fixer upper is a challenge. If you’re not prepared to expect the unexpected, it can be a very bumpy road. But if you’re excited about the process and ready for the twists and turns, it can be a highly rewarding experience.

 

Have you ever purchased a fixer upper? Would you recommend it? What are your fears when it comes to buying a fixer upper? I’d love to hear what you think!