When looking for a new place to live would you, or have you ever tried to, consider investing in a fixer upper? The idea is to save money on the overall purchase, but also to customize the home to your own needs (and wants) while spending less money. Instant equity is nice, but having things just the way you want them is as well. What would it take to make you consider buying a fixer upper as a way of saving money?
We bought a partially finished fixer-upper one year ago. Most of the items to fix are cosmetic updates, so we have been living in our fixer-upper while we are fixing it up. We have been fixing things as we can afford them and as we have the time. So far, almost everything we have fixed we have done ourselves in order to save money. These items include a new garage door and garage door opener, adding ceiling lighting to the living room and one of the bedrooms, painting one of the bedrooms, landscaping, adding insulation to the attic, as well as other smaller projects. Eventually, we plan to also redo the flooring and update our two enclosed porches, as well as finish the basement and fix up the barn in the backyard. Some things we would rather have a professional do, in order to make sure they are done properly, such as installing new basement windows and installing a wood-burning stove insert in our existing fireplace. Buying a fixer-upper can be a great way to get more house for less money, if you are capable and willing to put in the extra work. Our house is a work in progress, however, we are confident that within the next year it will be looking more like what we want it to be.
I see a lot of homes on HGTV and the DIY Network that I'd be happy to live in as is, yet the potential buyers seem to feel it's necessary that every corner must be customized and everything brand new. To me, it's a waste to buy a place that has just been renovated, and then go in and tear out brand new counters, appliances, etc. I'd be happy to have a fixer upper, if the bones were good. My initial plan was here to move in as a renter, and then eventually buy the place, but I'm learning that she hasn't maintained this home over the years, and there are basic things that need to be done, such as replacing the electrical, plumbing, etc., which means tearing out floors and walls, which I'm not sure I'm willing to do. I don't have an issue with superficial repairs, but I'm not sure about extensive renovations while living in the home. If I would afford to park an RV in the driveway and move into that during repairs/renovations, that would be a different story.
My husband builds homes and remodels them. He could definitely fix up a home if we were to move to a fixer upper and he's talked about wanting to do that. We haven't bought a home yet but are about to pretty soon. That might be the road to go. It reminds me of the shows about flipping houses. They buy them and fix them up, then resell the house for more than it was worth previously. Who knows, it might happen for us. If it wasn't too horribly run down, I'd definitely consider it!
We bought a house we knew we would eventually fix up. It has taken 14 years of living in our house but we have finally finished the basement, kitchen, living room and bathroom. We love the renos and changes we have made to our house. We originally bought our house for the location and lot size. But the house was built in 1960 and needed many things updated. We had to wait until we had built up enough equity in the house before we could remodel it but I'm glad we did. I love my house.
I like buying brand new mostly because it's better quality with very modern amenities too. A fixer upper is something for couples to do together so it's a very personal thing. It could be more than a person can handle so you got to know something about plumbing, carpentry & electrical things before you buy because you got to know what you're getting into. If you'd just like to save money, best to go with experts at your side too for it can be a costly aftermath of fixing as well as a good deal. I still like buying brand new and the newspapers are a great place for finding the newest buying opportunities too. Good luck on your new home buying and always go with a realtor to close so it's legal.
Well I plan to buy a foreclosure if I can sell my house, God Willing. However, I need something that is basically ready to live in. I am not handy and if it doesn't pass the appraisal I would pass. I mean I might be able to do some small things, but when I think of a fixer upper I am afraid it would end up like the movie "The Money Pit." I think you can get rooked if you don't know what you're doing, and I don't!
I probably would, but overall I'd rather just stick to apartments and condos. I don't mind the extra work, and theoretically purchasing something I can fix more cheaply sounds like a wise investment, but I'm not sure that you spend less doing that over just paying somebody rent. I know it's long been considered foolish not to own the place where you live, but I'm not so sure about that. I'd also be afraid I'd bust the fixer-upper more than it already is. So. Yeah.
I haven't gone house shopping yet, since I've been renting for the past 15 years. But I am on the fence about new vs. getting a fixer upper. Some of my friends said that when they went shopping for older homes, the prices they were getting were more than just simply building a house brand new. So they had their house built new instead. I would really have to break down all the costs it would take to get the fixer upper to my liking and see how they stack up to building a new home. By the time you factor in all the labor for demolition, as well as the labor for putting the new stuff up, you could wind up spending a lot more money than you thought you were saving, it seems. If the house was foundationally solid - the tile work in the bathroom looked fine, hardwood floors that could simply be sanded and re-varnished, the walls were smooth and didn't need any drywall replaced, etc... where I could just make some simple upgrades such as painting and maybe installing some new cabinetry, I would be more game. But if I gotta rip out a bunch of ugly tile, replace all the walls with new drywall, tear out a bunch of stained old carpeting, get all the electrical work re-done, replace all the doors and trim, etc... then that would be too much work imo.
It's interesting to read all the different takes on this idea. I would love to find a fixer that is structurally sound and basically just needs some love. I have to agree with Diane about not wanting to live in a renovation zone. I also agree on the other stuff... I hate it when I see them tear out perfectly good stuff and trash it just because it isn't the "keeping up with the Jones's" style. I could do a lot with some of the places they tear up and re-do (and half the time I don't like what their finished project looks like anyway). I could probably handle living in a house that is being upgraded somewhat, just cosmetically. I'd love the idea of putting my own touch on things and building my own equity.
I would get a fixer upper that is below market price to help grow my equity faster and to have the home I really want. What you consider a fixer upper and what I would call a fixer upper would be two different things. Some of the homes on the shows are more than I would tackle and maybe torn down.
Well, I've always said I'd happily live the rest of my days in a tent (if I didn't live in Canada lol), so I'd be more than willing to buy a fixer upper. I'm not into status homes and cars and "stuff", so buying simple and cheap is right up my alley. I don't see the need for anything else. In fact, I've already done it. When we bought our home, it was perfect timing, perfect area and a complete fixer upper. We ended up selling it for far more than what we paid. I don't want to own a home anymore.. I'm not meant to stand still like that
I wish I had the expertise and money to buy a fixer upper. Unfortunately, I have to contracting knowledge so for me its not feasible. I think if you have the knowledge and people to help you that you can trust its totally worth it. You have the ability to build such equity in the home if you decide to sell it later one. You also can customize the home to fit your tastes and needs instead of having to compromise on a house that already has certain features.
