Although fixer-uppers have gone more popular than ever, a lot of people are still skeptic about such investments. It isn’t surprising: Buying a run-down house and sweating it out on the remodeling isn’t exactly the least stressful way of getting a property. But as much as it doesn’t look pretty, there are actually times when a fixer-upper is a good idea.
You want your home to be “yours”
You don’t have a say on the layout, size of rooms, amenities, building materials, and other home features in a readily built house. That’s why a lot of people go with building their own. The catch is constructing a home from scratch could get too expensive. This is where fixer-uppers make perfect sense. You’re able to take advantage of the basic build of the house, say foundations and walls, purchased in a much lower cost, and have the freedom to remodel stuff.
Before you put your money down though on a house, have it inspected by foundation companies in Denver to determine the stability of the structure. This will help you make informed decisions whether a house makes for a good investment.
You plan to get some money out of it
There’s a lot of potential profit in renovating a run-down home and putting it up for sale. But do note that flipping a house isn’t as easy as renovation TV reality shows portray it. You have to be strategic in your purchase, at the same time, manage your renovation budget.
Location is the most important thing to consider when purchasing a run-down house. This is the first thing on a homebuyer’s mind. So, look for properties that are in good neighborhoods. And then for the budget, you can cut down a big chunk on your costs if you get a house that has an open floor plan.
You have the time and the energy
Fixing a run-down house is obviously time-consuming, and you would have to be ready for the stress of it. Of course, you’ll have a team of contractors working for you, but you still have to oversee the entire construction to make sure you’re on time and on budget. A fixer-upper can be a good investment, only if you have the right reasons and plan in place. So are you ready to take on a run-down house?