It goes without saying that there are many benefits of buying a fixer upper. After all, people from all over the world have done this and been pleased with the end result. Before you decide that this is right for you it is important to consider the potential drawbacks as well. You do not want get caught thinking that everything about buying a fixer upper is fun, games, and profits. Once you take a closer look at some of the drawbacks you will be able to make a more informed decision.
1. You have to spend a lot of your own money. If you buy a fixer upper you are going to be putting out a lot of money to bring it up to par. While you may save on the cost of the home, keep in mind that the money you spend will be straight cash – not tied into a mortgage payment. Do you have enough money in the bank to cover repairs?
2. You may have to hire a professional to help you out. While this is a potential drawback it is something that you will benefit from in the long run. It is much better to hire a professional than to try a job on your own and mess it up along the way. Tip: make sure you hire the right person for the job to ensure the desired result.
3. Lots of sweat equity. Even if you are going to hire professional help, you are still going to be stuck doing some work on your own. Simply put, a fixer upper is not move in ready. If you are buying this type of property you will most definitely find yourself working, day after day, for quite some time. Is this something that you are willing to do?
4. Hidden issues. Everybody who buys a fixer upper knows that something is wrong – they can see the problems on the surface. But did you know that many of these properties have hidden issues as well? This can be anything from mold behind the walls to bad wiring and much more. These hidden issues often times don’t present themselves until you begin the renovation process.
5. It can take a lot of time to get the home ready to be lived in. If you are interested in moving in and being comfortable from day one, a fixer upper is not something that you should consider.
In closing, don’t let these potential drawbacks scare you away from buying a fixer upper. Just remember that you may run into these issues at some point in time.