Fixer-Upper or Not!
If you're seriously considering purchasing but still want to save money you may think about a fixer-upper. There are pros and cons!
- Keep in mind that properties are going to be judged directly to other comparable homes in the area. If you are looking for a specific location it is possible a fixer-upper could improve your chances. You could stand a better chance of winning the bid if you are willing to finance the repairs rather than ask the seller to cover the cost of required repairs.
Also, a lower purchase price means a lower down-payment. But be prepared to do the repairs out of your own pocket. There is a lot that can go wrong once you start a renovation. Make sure to budget for the unexpected.
- Financing can also be more complicated for a fixer-upper. Renovation loans are available and can help.