Are you dreaming of owning a house entirely tailored to your taste and needs? A fixer-upper may be your ticket! While these properties might demand a closer relationship with your home remodeling company for a while, the journey can be immensely rewarding. If you're not quite convinced, keep reading. Below, we’ll explore some incredible benefits of buying a fixer-upper. Prepare to be inspired!
What are the pros of a fixer-upper?
Fixer-uppers are properties in need of repairs and renovation, often quite affordable to reflect the uncertainty of the work involved. Until you take a closer look at key elements of a dated house, it’s hard to know which of them hide valuable features, and which conceal costly problems.
Luckily, professional inspectors can help you avoid surprises and make sure you’re prepared for the journey ahead. If you're up for the challenge, a fixer-upper can be a rewarding investment. Here are some of the advantages:
1. Lower purchase price
The most immediate benefit of a fixer-upper is that the price tag is significantly lower when compared to that of move-in-ready houses. These properties are often priced below market value due to their condition and the uncertainty they come with. This should never be the only factor to consider – renovations do require some more investment – but fixer-uppers open doors to homeownership for many who find new houses out of reach.
2. Less competition
Again compared to move-in-ready houses, fixer-uppers tend to attract fewer buyers. The reason is simple: Not everyone is willing to take on the challenge of renovations. This reduced competition works in your favor and may give you negotiating power when making an offer. Just make sure that you’re as informed as possible about the state of the property before you decide. You can then leverage necessary repairs and upgrades to secure even more favorable purchasing terms.
3. Prime location access
Fixer-uppers can also give you access to highly sought-after neighborhoods that are otherwise hard to afford. Some prime locations have older properties in need of renovation, which gives those who are up to the challenge a chance to live in a great area without paying a premium for a move-in-ready property. You could enjoy the benefits of a great location, such as proximity to schools, work, amenities, and recreational activities, while gradually upgrading your house.
4. Endless customization
Finally, let’s talk about the most fun aspect of buying a fixer-upper: They are a blank canvas for your creativity and imagination! You’ll have to invest in some repairs either way, but you also have the freedom to customize every part of the property to suit your style and daily life. Additionally, you could invest in energy efficiency upgrades and make your new home more sustainable than even a much pricier, move-in-ready one would be.
5. Financial potential
While fixer-uppers are an investment, they hold great potential for return. Many find that even after renovations, the total cost is less than buying a new house with comparable features. If you upgrade strategically and make informed decisions, you can greatly increase your property’s value. A lot of buyers see investing in a fixer as a smart financial move that pays off handsomely over time.
6. Hidden value
Behind peeling paint and outdated fixtures, fixer-uppers can hide some charming surprises. You may find beautiful hardwood floors under worn-out carpets, intricate woodwork that can be restored, and some unique architectural details. Renovations may reveal a number of these hidden gems – features that add character and increase value, but that you would not splurge on otherwise.
7. Sense of accomplishment
Taking on a fixer-upper is often a transformative journey of learning and personal growth. It’s not just about the end result either – you’ll gain valuable experience in home improvement, project management, and budgeting. And as you witness the transformation, you’ll feel a sense of achievement. Your vision brought this project to life, and you deserve to feel proud about it.
What is the best home remodeling company in Beaverton?
If the many advantages of fixer-uppers have convinced you to take the plunge, an exciting road of renovation awaits. At COOPER Design Build, we specialize in transforming dated spaces into dream residences. Whether your fixer-upper is in Murrayhill, another Beaverton neighborhood, or a nearby Portland Metro area, our remodeling services will help you unlock its full potential. Don't let the challenges of renovation hold you back from achieving your dream home. Contact us today and start your journey!
