5 Key Questions To Ask Yourself Before Buying A Fixer-Upper

5 Key Questions To Ask Yourself Before Buying A Fixer-Upper

Buying a fixer-upper can be an extremely gratifying experience. Typically, fixer-uppers are priced more competitively than their move-in ready counterparts—plus, you get the opportunity to put your own spin on the house design during renovations.

But fixer-uppers aren’t for everyone. And before you buy a home that needs major work, you want to make sure it’s the right fit for you. According to a recent article from Realtor.com, there are five key questions you need to ask yourself before investing in a fixer-upper property.

5 Key Questions

What’s my motivation?   Fixer-uppers are a labor of love. And there’s a lot of labor involved. Before you buy a fixer-upper, it’s important to define your motivation. This can help carry you through the more challenging aspects of renovating a home. Are you looking to flip the home for a profit? Do you want to save money? Do you want to improve your DIY-skills? Whatever your motivation is for buying a fixer-upper, make sure you’re clear on it before you make the purchase.

Where am I going to live during renovations?  Depending on the condition of the fixer-upper, it might not be livable until well into the renovation process—so it’s important to have an alternate living situation lined up until your fixer-upper is move-in ready.

What’s my renovation budget?  Fixer-uppers may be more competitively priced, but you’ll need a hefty renovation budget to transform it into your dream home. Make sure you price out how much everything is going to cost before you decide whether a fixer-upper is the right investment for you.

How am I going to pay for renovations?  Understanding how much renovations are going to cost is the first step. Make sure you have the budget you need in hand (whether that’s cash, a loan, or another capital source) before you buy a fixer-upper.

Am I prepared to manage this project?  Fixer-uppers take a lot of time and energy to renovate—so before you purchase a fixer-upper home, make sure you have the bandwidth to take on the project.

For the right person, a fixer-upper can be a great real estate investment. Just make sure you ask yourself the right questions before deciding if one is the right investment for you.

If you are looking for fixer-upper homes in the Gainesville area, you will need to find a buyers agent, Realtor®, that can watch the multiple listing system for you.  In our area, some listings can be called “handyman specials”. Call us and let’s talk about your plans for buying a fixer-upper!