Buying a fixer-upper can certainly save you money compared to a brand new home but a fixer-upper can also have its challenges as often times you are acquiring the headaches from the previous owner. Sure, there are many owners that take pride in their home and have done a great job of maintaining their castle but conversely, there are homeowners that have neglected basic home improvements that could eventually be very expensive for a new home buyer.
Before you buy that fixer upper, it is imperative that you ask yourself the following questions.
Do you have the time, patience and experience to renovate a home? While intentions are always positive, the reality is that most young families or professional couples do not have the time or patience required to remodel their fixer-upper home.
What is the actual cost of updating a home? The cost of fixing up a home is always more expensive than what is stated on your favorite tv home repair show. When you price the cost of new plumbing fixtures or the cost of granite, you will quickly realize that the $5,000 budget for remodeling the bathroom is now over $15,000. When you begin adding up hidden costs such as replacing old piping/electrical or a cracked foundation you will begin to appreciate the benefits of buying a brand new home.
The decision to buy a new home or a fixer-upper is a tough decision. The best advice is to speak with a trusted contractor that can provide an estimate for home repairs, obtain multiple quotes whenever possible and always work with an experienced realtor.