Browsing the local real estate market for a new home gives you the chance to tour any number of properties that fall within your price range. During this search, you're apt to see homes that are essentially ready for you to move in and begin decorating and others that will require a significant amount of fixing up to bring up to your standards. Each type of home has its benefits, but there are a number of worthwhile advantages to pursuing the latter route. Finding a fixer-upper home can be beneficial for these reasons.
You'll Save Money
Getting the home for less money is arguably the chief advantage of buying a fixer-upper. Homes that need extensive work are generally cheaper than homes that do not; even if the home is initially priced too high, the lack of offers on it over a series of weeks and months can compel the owner (likely encouraged by his or her real estate agent) to lower the price to a reasonable level. This will allow you to buy the home that you want with less money down and also pay less for each of your mortgage payments. This type of home is preferred by those who are handy with renovation projects and plan to do the work themselves, although you may be able to save money even by contracting out the work.
You'll Get the Exact Home You Want
If a home that you buy doesn't need much in the way of work, it's easy to settle for things the way they are. This means that, even if you're not fond of carpet, you might be resistant about tearing up carpet that is clean and not worn. When you opt for a fixer-upper home, you'll be able to make it exactly the way you want. For example, if you've always coveted hardwood flooring, you might have no hesitation removing the outdated vinyl floor so that hardwood can be installed.
You Can Get into a Better Neighborhood
While there are certainly fixer-upper homes in poor neighborhoods, you'll often be able to find a house that meets this description in a higher-end location. It's possible that you can't afford to buy an average home in this neighborhood, but, by buying a fixer-upper, you'll be able to afford to live in this area. This can be beneficial for a number of reasons, including a higher eventual resale value, less crime, and even better schools for your children to attend.
If these reasons sound appealing to you, let your real estate agent know that you're open to looking at fixer-uppers.