Five reasons why you should seriously consider a fixer-upper.
When it comes to purchasing a home, one important decision many people face is whether to buy a house that is already renovated and move-in ready or to consider a property that requires some updating and tender loving care (TLC). Here are the advantages
of choosing a home that needs TLC and why it may be a worthwhile option:
1. Customization and personalization. One significant benefit of buying a home in need of TLC is the opportunity to choose the additions and improvements that suit your preferences. Unlike purchasing a pre-renovated home where someone else has already made design decisions, opting for a property that requires work allows you to personalize it according to your own taste and style. This freedom to customize can make your new house truly feel like your own.
2. Potential cost savings. Another advantage of purchasing a fixer-upper is the potential for cost savings, particularly when it comes to taxes. In certain areas, property taxes are based on the purchase price and the improvement price. By buying a home in need of renovations, you may have the chance to lower your tax burden since the property's value will be determined by its current condition rather than any previous updates. This can result in significant long-term savings.
"You may have the chance to lower your tax burden."
3. Expanded options and market advantage. Opting for a property that requires work also opens up a wider range of options for prospective buyers. When browsing a community's
real estate market, considering properties that need renovations alongside move-in ready homes gives you more opportunities to find the perfect house for your needs. While turnkey properties may come with a higher price tag, exploring properties in
need of TLC provides a chance to uncover hidden gems that might be overlooked by others. This lesser-known segment of the market could offer better value and potential for growth.
4. Assistance and resources. Undertaking a renovation project may seem daunting, especially for those who are not experienced in managing such endeavors. However, there are resources available to help you go through the process. Whether you need recommendations for subcontractors, flooring specialists, kitchen remodelers, bathroom renovators, roofers, window experts, or general contractors (GCs), professionals in the industry can guide and support you. As real estate professionals, we are more than willing to facilitate and provide assistance in connecting you with the right vendors to ensure a smooth renovation journey.
5. Limited competition. Lastly, buying a home in need of TLC offers a potential advantage due to the reduced competition in this market segment. While many buyers prefer move-in ready homes, fewer individuals actively seek out properties that require work. This lower demand means you may encounter less competition when making an offer and negotiating a purchase price. As a result, you have a better chance of securing a property that meets your needs and budget.
If you are open to the idea of turning a house into your dream home and are willing to invest time and effort, the rewards can be significant. We are here to assist you in making this decision and ensuring a seamless transition into your new home. Feel free to reach out to us by phone or email if you have any questions.