Jul 10, 2015
Whether this is your first time buying a home, or you are searching for a second home or vacation spot, purchasing a fixer-upper can be tempting. They are typically priced lower and offer a wealth of opportunities to customize. However, it’s important to consider whether or not buying a fixer-upper is a solid investment.
You can find a fixer-upper home just about anywhere – even in wealthier communities. The price of these homes sets them apart from the rest; their lower market value is usually due to poor maintenance or abandonment.
Determining whether or not purchasing a fixer-upper is a wise investment requires a lot of homework. You need to know the average sale price of the homes in the area surrounding the home, as well as the cost of the most desirable homes.
If homeownership is a new adventure for you, and you have little experience in property value, it may be in your best interest to avoid purchasing a fixer-upper that requires extensive TLC. Consider starting with a property that only needs minor cosmetic work instead. Maybe a home that just needs a fresh coat of paint, new floors, or updated appliances.
It’s important to keep in mind that if the price of a home seems too good to be true, it probably is. Find out the reason behind the attractive low price before you pour your life savings into it.
When looking for a fixer-upper, follow this rule of thumb: find the least desirable home in the most desirable neighborhood. Then you can decide if the cost needed to repair or upgrade the home is within your budget.
For more information about real estate or to find out more about the communities in Hilton Head and Bluffton, contact the Realtors at Hilton Head Island Real Estate Brokers. Just call 843-785-8006 or fill out our easy contact form here.
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
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