The Fixer Upper Phenomenon
Whether you’ve watched it be done through Chip & Joanna Gaines’ popular HGTV show or have been through one yourself, you know that taking on a fixer upper home requires lots of hard work and patience, but the results that come out in the end may just be worth it. Yes, people have been doing it for years, but more recently, the benefits of taking on a renovation process rather than having a move-in ready place are becoming more and more outstanding. Keep reading below to find out why it’s smart to take on a fixer upper home, even if you’re not currently looking for a new place of your own.
An Investment for the Future
You’ve most definitely heard the phrase, “you have to spend money to make money” sometime in your life; it’s a saying that bears a lot of truth, and that truth applies to fixer uppers, too, whether you’ll be living in it or not. If you’re looking for a new home of your own to live in, going the renovation route is a smart way to go for many reasons. Firstly, the price point is significantly reduced when there’s work to be done on a home, and secondly, you may just get the location you want by buying the older, more inexpensive home of the area. Before you get too frazzled about all the restoration that’s about to be done, you the homeowner must remember the main benefit that comes from all of this- simply put, it’s your home equity! As Midwest Property Professionals put it, “Renovating a home soon after buying can bump up your equity very quickly and that opens the door to a lot of other benefits including raising your personal net worth and allowing you to refinance sooner, if you choose.” This remains true even if you aren’t planning on living in your fixer upper. Investments in real estate were #3 on Forbes Magazine’s list of “Best Investments to Make in 2018”. If you have the funds, a vision, and the willingness and time to undergo a renovation process, then investing in a fixer upper property may just be your best investment yet.
A Place of Your Own
For those who are looking for homes to reside in, taking on a fixer upper project means making it a space of your own. As said in our previous point, homeowners who have a specific location in mind will have much better luck purchasing the odd home out, and for a much better sticker price, too. In making the home your own, you can hire a contractor and interior designer to help you execute what your dream home will look like, from a cozy, unique living room space for the whole family to a spacious master suite just for you. Adding your own touches and updating the home properly will also add tremendous value to your home when it comes time to sell or rent out if you’re an absentee homeowner. In need of some inspiration? Check out the video we linked below for a compilation of completed Fixer Upper homes!
Make Collins & Company your first call if your thinking of purchasing a fixer upper home! We are big believers in the fact that it’s an investment worth your money & time. Whatever you need during the process, from using our real estate services to helping you find the right contacts for contractors and designers, we are your one-stop shop to all things fixer upper. Don’t hesitate to give us a call with any questions you may have!