The Pros & Cons to Buying a Fixer Upper

The Pros & Cons to Buying a Fixer Upper

Are you in the market for a new home? The housing market is in overdrive in many areas, it seems. As you search for your dream home, houses you love often disappear from the market before you can even make an offer on them. For this reason, you might be considering buying a fixer upper to convert into your dream home. This idea is appealing to a DIY family. If you love working on projects together, a fixer upper is an exciting possibility. Let’s look at the pros & cons to buying a fixer upper.

Pros of Purchasing a Fixer Upper

Paying Less for the Purchase

Choosing to buy a fixer upper can be advantageous to your buying budget. Fixer-upper homes are priced lower because of the extensive work that needs to be done on them. This fact can also give you more wiggle room for the home improvement loan you might need to acquire for the renovations. 

Customizing the Look: Feeling Carefree

Buying a home that needs substantial work allows you the freedom to customize your home to fit your style and tastes. Several rooms (or the whole house) may need attention. You can plan each upgrade exactly as you want it to be. If you are living in the home during the renovation process, you will get to see each stage of transformation very closely. 

Competing for a Bid is Less Common

Many home buyers never stop to consider purchasing a fixer upper. Perhaps they cannot visualize the possibilities the home could offer. Maybe they want a move-in ready home. This works in your favor, as there is not as much competition in the bidding process for a fixer upper home. You can also at times get a great price on the property.

Cons of Choosing a Fixer Upper

Realizing the Investment is Risky

A fixer upper can be a risky investment. With any renovation project, unexpected issues can arise. Older homes often have problems that are not visible or detectable, even during a thorough home inspection. Plumbing issues are common when bathrooms and kitchens get a facelift. Foundation issues or old electrical wiring also can show up in many construction projects on home improvements. Do your due diligence when buying a fixer upper.

Finding the Funds for the Unexpected

Renovating a fixer upper will require funding. The nest egg can be quickly depleted as unexpected, expensive issues arise. Some fixer-upper flips result in a sudden halt when the money’s all gone and alternate funding options are not readily available. Thankfully with HFS Financial, you know just where to turn when financing is needed.

Dealing with the Disruption of Construction

Some people who buy a fixer upper choose to make the home their immediate residence. This means there will be work zones disrupting various areas of the home for an indefinite amount of time, depending on the extent of the desired renovations. Be prepared to deal with this inconvenience if the fixer upper is what you decide to purchase.

“You Dream It, We Finance It.”

After you’ve weighed the pros & cons to buying a fixer upper, you will make the decision to buy or not to buy. If it’s “buy,” HFS Financial is here to partner with you as you seek to finance your renovation dreams. We specialize in financing home improvement projects — from financing a new swimming pool loan to flipping a fixer upper. Inquire today in just 60 seconds to see what options you have. Call us at 1-800-254-9560 to discuss your unique fixer-upper needs. “You Dream It, We Finance It.”

The Pros & Cons to Buying a Fixer Upper

HFS Financial solely operates in the home improvement lending space which means we can confidently say that we are THE HOME IMPROVEMENT LOAN EXPERTS. When you apply at HFS Financial you will get a customized loan experience tailored to ensuring you get the best personal loan to meet your home improvement loan needs.