One dilemma aspiring homeowners often face is deciding whether to purchase a home that needs some work versus one that they will have to spend very little time or energy worrying about renovating.
Below are a few things to consider if you’re struggling to make up your mind.
Understand the Nature of the Work
Fixer-upper covers a lot of territories. Mistake home buyers often make is focusing too much on elements in a house that are relatively easy and inexpensive to change, such as ugly carpet or wallpaper.
If you’ve fallen in love with a house that needs some cosmetic alterations, it’s probably worth it to go through with the purchase.
On the other hand, some houses may look tremendous but show signs of major problems, they may have serious structural issues or other problems that will cost an enormous amount of money to fix.
Somewhere in between are beautiful older homes that have a lot of minor things go wrong with them so they need to keep repairing things that feel never-ending. You can be happy with this situation, but you should know what you are getting into.
Consider Your Budget
Another thing to weigh is cost. In some cases, a fixer-upper may look like a bargain until you consider how much work needs to be done.
In other cases, you may find that the fixer-upper still comes in at or below the price for the as-is home, or it may end up being more but you decide it’s worth it.
Keep in mind that there are options for some of the work you may need to undertake. A personal loan may be available with a repayment plan that suits your budget when you need it the most.
Your Capacity for DIY
Are you happy to give up much of your free time to work on the house? Even homeowners who don’t think of themselves as being particularly enthusiastic about DIY often find themselves spending evenings and weekends doing repairs or renovations.
Make sure you’re willing to devote at least some time to this. Enthusiastic DIY-ers should still hire professionals for such complex work as plumbing or electricity and shouldn’t underestimate the amount of work they are undertaking themselves even if they are looking forward to it.
Following Your Gut
Many people will say that renting is better than owning a house, but that is the minority opinion. While there are plenty of reasons that purchasing a home makes more sense than renting one in certain circumstances, there is a lot about buying a home that is based on your emotions.
For many people, there is something about having a place that they can call their own, even if on paper it’s going to be a strain to afford it.
When it comes to choosing between a home that doesn’t need much or any work and one that does, if you have taken all of the above points into account and you still can’t decide–or if you still desperately want the fixer-upper even as logic is pushing you in the other direction–you should probably go with your gut.
Choose the house that you’ll be happy coming home to each day.