Although, most houses, sold, have been repaired, and/ or, upgraded, in order to enhance its appearance, and/ or, availability/ potential, to sell, a significant number are sold, as – is, at a lower, relative price! These types of properties are, often, referred to, as, starter homes, and/ or, fixer – uppers! For some, purchasing this type of house, offers significant advantages, including lower pricing, and, if the property, is located, in an attractive, sought – after, area, and, on a nice – size lot, and the so – called, bones, are good, may be ideal, for certain individuals, to seriously consider. However, for others, doing this, may make, far – less, sense! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 questions, one, should ask himself, prior to proceeding forward, in this type of venture/ purchase, etc.
1. Are you prepared, mentally/ emotionally, for home – ownership?: When we consider, something, as a starter – home, it generally, indicates, it’s a first – time purchase, by a particular homeowner. As such, that individual should consider, whether, he is, mentally, and emotionally, prepared for the responsibilities, and challenges, of owning a house. Not – everyone, is comfortable with this, and, thus, unless, one is, buying this type of property, may be, far – too, stressful, and challenging, to be worth, the efforts, etc.
2. Are you ready for the responsibilities?: What are the strengths, and weaknesses, of that particular house, and how will you address, areas of weakness, effectively, efficiently, and in a cost – conscious way? When one rents, his landlord has to handle those responsibilities, but, when, you purchase, it’s up, to you! Do you, either, have certain skills, etc, which might be helpful, and/ or, have a list, of reliable craftsmen (plumbers, carpenters, electricians, etc), to seamlessly, take charge of these necessities?
3. How much will it cost to fix/ upgrade, etc?: Ask your home inspector/ engineer, or another expert, what various aspects, might cost, to fix/ upgrade? How will you pay for these? After, adding these costs, to your original purchase price, does it make sense?
4. Are you handy?: Do you have the necessary skills, and abilities, to perform, a significant percentage of these alternations, etc? In other words, are you handy? Obviously, the more, one can do, himself, and feels comfortable doing, safely, and properly, the less it will cost, and the more appropriate, this type of acquisition, might be!
5. Do you like the specific area?: Consider, up – front, whether, you plan, to remain in this starter – home, for a significant period, or, if you hope, to flip – it! What makes the specific area, attractive, to you, and, why do you think, it might be, if you decide to sell?
If you decide to purchase a fixer – upper, will that decision, be the right – one, for you, and your personal circumstances? Are you prepared, to proceed, wisely, and in a smart – way?