There are five reasons why it might make more sense for you to buy a fixer-upper.
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While there’s something to be said about buying a house that’s move-in ready, sometimes there’s something downright irresistible about buying a house that needs a little bit of love.
On a more practical level, here are five reasons it might make more sense for you to buy a fixer-upper as your next home:
1. It’s less costly. How much cheaper depends on the location.
2. You might be able to roll the cost of the renovations into your loan. You don’t have to be confined to the conventional loan types—there are plenty of renovation loans available out there.
3. It gives you the opportunity to build value. If you buy a house below market value because it’s a fixer-upper and you put a little money into it, you can build equity. On top of that, if you buy it as your primary residence, all of that profit might be tax-free.
Sometimes there’s something downright irresistible about buying a house that needs a little bit of love.
4. You can do your renovations over time. If you elect not to use a renovation loan to finance your renovations, you can live in the house for a little while and save up the money for those projects and still put yourself in a great financial position.
5. It gives you the opportunity to put your stamp on the house. If you buy a house that’s move-in ready, you’re probably paying top dollar for it and won’t want to put more money into just to get it to look exactly the way you want it.
If you’re interested in buying a fixer-upper, I have two houses you might be interested in at 1:25 in the video above.
Also, if you want to get your current home sold quickly but you don’t have time to go through the traditional home selling process, give me a call and ask about our guaranteed offer program. We can sell your home for cash within 21 days—no showings or open houses necessary.
As always, if you have any other real estate questions, feel free to reach out to me as well. I’d love to help you.