The pros and cons of buying a fixer upper

The pros and cons of buying a fixer upper

Renovating your home can be a wonderful way to build your equity and make a return on your investment, as well as an opportunity to transform your house into your dream home. But its also a huge commitment, involving a lot of time, effort, money and patience. In order to make sure you dont get in over your head, we want you to understand all the factors to consider before buying a fixer upper.

1. Do-it-yourself vs. hiring professionals

A big pro in buying a fixer-upper is that it lets you do a bit of work yourself. This can be great if you’re handy, but don’t let your ego steer the way with this one. Evaluate your true skill level and what you can and cannot do. For instance, start a list of what you are confident in doing, what you must by law have a trade to do, and what you will need some assistance with. This will allow you to plan out your budget and allot time for renovation. Sometimes the DIY aspect of a property can feel like a con if it becomes overwhelming or too costly to employ a professional.

2. Why am I renovating?

Are you going to continue living in the house youre renovating, or are you planning to sell? This could determine how much you want to put in and how much you want your taste to influence the design choices. If you’re planning to stay, buying a fixer-upper lets you design the look of your home without having to build a house from scratch. Always wanted bright pink kitchen bench tops? Well have at it. Of course, you may change your mind about what you want in a year, in which case renovating might not have been the best course of action, as now you only have yourself to blame. Read more