Fixer Uppers and Dated homes offer value!

If you’re unsure of today's price for homes or are having trouble finding the right home in a location you prefer----- here is  something to think about. If you’re open to putting in the work, a fixer-upper could be your path to homeownership. 

Data shows the asking price for fixer-uppers is typically 29% less than you’d see for move-in-ready options. And, they give you the chance to build equity fast as you make updates. 

Often a dated older home will stay on the market longer and the list price may be reduced to allow a new buyer the opportunity to update to their preferences.  

Keep in mind:  Location matters!  A dated home in a desirable location is well worth your time.    When purchasing a home in need of updating spend the money to have a very detailed building inspection during the due diligence period--to learn of any damage from deferred maintenance, foundation issues,  older heating,  electrical systems, appliances , condition of roof, siding, insulation, environmental conditions,  and landscaping.  Many older homes have been well maintained but not updated cosmetically to today's styles and standards.  

Hire competent contractor to help understand the costs associated with remodeling.   A good rule is to add an additional 10-15% to your remodeling budget for the unexpected items that may show up when the home is taken apart.   

Thinking about remodeling?  We can help with ideas and remodeling contractors to help.  Cathy has remodeled many of her own personal homes and loves the process and outcome.   Call anytime to set up a meeting.   

Would you ever take on a fixer-upper, or do you prefer a move-in ready home?