Should Your First Home Be a Fixer-Upper? Houses needing a little TLC might seem like a bargain, especially for your first home, but are you the person to give that house an overhaul?
When buying a fixer-upper, you’re competing in a different arena. "Fixer-upper purchasers must compete with builders and investors, which will drive up the purchase price," Kostiw explains. And she says you may need to be a cash purchaser since some lenders will not approve a fixer-upper property.
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Chip and Joanna Gaines take Kelsey and Trip Purks on a tour through three classic homes in the historic Dean Highland neighborhood of Waco, Texas. The Purks have been renting for three years and are now ready to buy their own little piece of Texas. They’d like to avoid a cookie cutter home preferring an older home with lots of character but with the opportunity to make their own mark.
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Mike Windle/Getty) If you’re willing to put in some extra legwork when buying a home, choosing a fixer. going the fixer-upper route is a "win-win." "You get to customize the renovations to your.
“A fixer-upper can be a great idea for a first-time buyer, especially in pricey neighborhoods where renovated places are too expensive or not available,” says Ati Okelo Williams, a real estate broker and owner of DC Home Buzz. Home buyers who can’t tell the difference between a hammer and a wrench needn’t be afraid of fixer-uppers.
But buying a fixer-upper can be a double-edged sword. You could either find yourself neck-deep in a money pit or sitting on top of a gold mine. That’s why it’s important to know what to look for before you set out on your search. The Good. Let’s start with the qualities you should look for in any home you buy. The first is location.
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With that in mind, here’s what it takes to make the purchase of a fixer-upper pay off. Do the Math Figuring out what you should pay when buying a fixer-upper starts with a simple equation. First, add up the costs to renovate the property based on a thorough assessment of the condition of the house.