There are many people who are attracted to buying a home that needs a lot of work…a fixer-upper as they call it! Some of the reason for this, we suspect, is from all of the great do-it-yourself reality shows out there. They make it look so easy and completely do-able for people to accomplish on their own. While we do not want to discourage you from doing this if it is something you want to do, we want to give you a few things to think about before making your final decision. We understand that some of the reasons people want to do it, as well, is because the price on this kind of home is less than a home in good standing order. And in the crazy housing market of today, it is the only option for some.
If the home you are looking at has some type of structural damage, we want you to really think about the decision! If the home has structural damage, depending on how extensive it is, you may have to rebuild your entire home! This may wind up costing you a lot more money than if you were to have purchased a home without any type of damage like this. This also ties into a home that may have foundational issues. If the foundation of a home is bad, it is likely that you will have to continue to spend a great deal of money on it on a continual basis. As with the purchase of any home, we highly recommend you get an inspection and make sure it is from a reputable business! The inspection may save you from buying a money pit.
If a home has old plumbing or electrical work, we would suggest you really think about purchasing the home. If you do not get these areas fixed right away, it is possible that more serious issues can arise before you update the electrical work and plumbing. Check with a professional before deeming if the electrical work or plumbing should stop you from purchasing the home.
If a home has small issues that are easy to fix, it should not stop you from buying the home. But again, we would highly recommend that you hire a professional to deem if the issue is truly a small issue or if it is a danger to you if you move in or will prove to be a money pit.