Buying a fixer upper home can be a nightmare, punctuated by a series of unexpected disasters, or it can be a profitable whopper of a deal. The secrets lie in choosing the right fixer upper home to buy and getting the fixer checked out by a host of specialized inspectors.
One of the nice aspects about buying a fixer upper is that the purchase is not contingent on the temperature of the real estate market — whether hot, cold or neutral — any time is a good time to buy a fixer. Especially if you buy the fixer for less than everything else around it. The advantages are obvious:
- Lower sales price
- Less competition (not everybody wants a fixer upper)
- Potential for resale profit
- Gain repair knowledge, which will help you to properly maintain the home
- Personal satisfaction when the projects are completed
Remember, if you make a purchase offer at the right price, you make money the day you close. Because the time to think about selling is the day that you buy, even if you have no immediate plans to sell. It will help you to avoid many home selling mistakeson the back end if you avoid home buying mistakes on the front end.
Read More: A Guide To Buying A Fixer-Upper Home