Thinking about trying to score on a fixer-upper? There are some gems out there that can turn out to be the deal of the century. In my experience, there are pros and cons to taking the fixer-upper route instead of the move-in ready.
Fixer-upper Pros
• Discounted Sale price - List prices are always lower, depending on the amount of work that is needed.• Reduced Taxes - Property taxes are based on the sale price, so if that sale price is significantly lower, so will your property taxes.
• Blank slate - You can tailor your house to your exact tastes and specifications.
Fixer-upper Cons
• More Work - Remodeling, working with contractors, and even putting in your own elbow grease is inevitable.• More Time - Remodeling process can take months, which can be tough to time with an existing lease. Scheduling contractors and your DIY projects can consume more time than you may anticipate.
• "Uh-ohs" - There are often things that can't be seen until you are tearing out walls, so be prepared for the unexpected.
• Cost - Sometimes the remodeling process can cost more than your initial savings and negate any "deal" you may have received on the list price.
If you are considering a fixer-upper, let me know and I can help you find that diamond in the rough!
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