Buying A Fixer Upper: When Is It A Smart Choice?

Are you thinking about buying a fixer upper? 

While this isn’t always going to be the right price, there are certain situations that could make it the ideal opportunity and investment for you. 

Let’s explore some of the key factors that you should absolutely keep in mind. 

Buying For The Right Price

The first thing that you are going to need to think about is purchasing the property for the right price. Do you think that the listed price is a fair one, or one that you are willing to pay? 

You need to consider what the value of the home would be if it were in tip-top condition, and then work out what’s wrong with the home and how much of the value that this takes off. 

You don’t want to pay a massive amount for the property itself when there is so much work to be done. As such, you’ve got to think carefully about how much you are willing to pay for it. When you have this number in mind, do not exceed it as anything above will be more than you are actually willing to pay.

The Repairs Required 

You are also going to need to work out how much the repairs are going to cost, and in order to do this you need to know what they are. Of course, some of the repairs you might be able to do yourself if you want to get involved in the project on this level, but there are other tasks that you’re going to need to leave to the professionals. 

For example, you might need to hire a plaster repair company to take care of some of the walls, an electrician if the electrics are shot and so much more. This all needs to be taken into account before you know whether it’s a smart choice to make this purchase.


Next, you should consider the location of the property in question. Location is important because it will affect the future price and how easy it will be to sell the home on the market in the months or years to come. 

You might also want to think about whether the home is in an up and coming area or a location that has been abandoned by the local government. Look at whether the area is still receiving plenty of funding before making a final decision. 

A Smart Investment? 

Finally, you should think about whether this is a smart investment. This will depend on what you’re going to do with your fixer upper. You can live in it, rent it out, or sell it on as quickly as possible. All these can be smart investment decisions. The right choice will depend on your unique financial situation and how hands on you want to be with an option like this. 

Hopefully you have found this article helpful, and now see some of the times where it might be a smart choice to invest in a fixer-upper. 

It’s important to understand that these kinds of projects are not for everyone, so make sure that you’re considering this very carefully before you put down the money for the property.

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