Is a Fixer Upper Right for You?
If you’re looking to buy a home but feeling like the market’s prices are out of reach, you’re not alone. Fortunately, there’s still a way to become a homeowner, even with today’s home pricing. Have you ever thought about a fixer upper? Let’s dig into why buying a fixer upper could be the ideal path to homeownership and how you can turn a house that needs work into your dream home.
What Exactly Is a Fixer Upper?
A fixer upper is a home that’s ready for occupancy but needs updates or repairs. These updates can vary widely. For some homes, it might be as simple as removing outdated wallpaper or updating the flooring and bathrooms. For others, it may mean tackling more involved projects, like replacing an aging roof or overhauling outdated plumbing and electrical. But here’s the upside: because these homes need work, they generally come with a lower price tag compared to move-in-ready homes.
Recent surveys show that fixer uppers typically cost about 29% less than a fully updated home. That lower starting price can help make homeownership more accessible—and gives you the flexibility to make the home your own over time. So, if you’re open to a bit of work, a fixer upper could be a great way to enter the market.
Benefits of a Fixer Upper
- Lower Initial Cost: With the lower initial purchase price, you can save on your closing costs, taxes and you end up borrowing less money from the bank thus having a lower monthly payment on your mortgage. This lower ‘fixer upper’ price point might also mean you have a bit more wiggle room in your budget to tackle some of those big house projects that are needed.
- Personalization: Fixer uppers give you the freedom to create a home that truly reflects your taste and style. From the paint color and flooring to fixtures and finishes, you can customize each space to your liking rather than settling for the previous owner’s choices.
- Equity Building Opportunity: As you complete updates and repairs, you’re not only improving your living space for yourself—you’re also increasing the home’s market value. This means you’re building equity, making the ‘fixer upper’ a worthy investment in your future.
Tips for Buying a Home That Needs Some Work
Buying a fixer upper does come with its own set of challenges, so here are some helpful tips to ensure the process goes as smoothly as possible.
- Location, Location, Location: You can make improvements to a house, but you can’t change its location. Look for a fixer upper in a neighborhood that has good property values or one with growth potential and local amenities nearby. This way, any work you put into the home has a good chance of appreciating steadily each year and over time giving you a greater return on investment.
- Budget for Surprises: Renovations can often be more costly than they appear at first glance. Unexpected repairs or design changes might pop up, so make sure you have a bit of a buffer in your budget to handle any surprises along the way.
- Get a Thorough Home Inspection: One of the best steps you can take when buying a fixer upper is to hire a home inspector. They’ll examine the home’s structure, roof, foundation, plumbing, and electrical systems. Having a clear picture of what repairs are needed will help you plan and budget effectively, without any unexpected issues that could break the bank.
- Prioritize Your Projects: When you start renovating, it helps to organize and prioritize your home projects. Start by categorizing the work you need to do ( fixing leaky pipes or updating electrical outlets) and then what you want to do (modern flooring or lighting upgrades), and future luxuries (like high-end finishes or new kitchen appliances). This will help you stay on track and stick to your budget, even if you have big dreams for the space.
Working with a Real Estate Agent
A good real estate agent can make all the difference when shopping for a fixer upper. They know the local market and can help you find homes with real potential. They’ll also guide you to properties where smart renovations can add real value—ensuring that you’re making a wise investment. I’d love to help you find a home with great potential right here in West Michigan, where I can use my local expertise to identify neighborhoods and properties that fit your needs and your budget.
In today’s market, where finding an affordable, move-in-ready home can feel daunting, considering a fixer upper is a creative way to become a homeowner. With the right planning and vision, you can turn a house that needs a little love into a space that feels perfectly yours. If you’re ready to explore the possibilities and find a place you can truly make your own, let’s chat! Together, we can find the right fixer upper and take the first steps toward getting you your dream home.
