Guide to What You Need to Know About Buying a Fixer Upper Home
Deciding to buy a fixer upper is a big decision. It’s also a huge time and financial commitment. Here’s how we debunk some common fixer upper myths below.
Every streaming service has at least one show about buying a fixer upper. In them, the homebuyer purchases a fixer upper and then, inevitably, makes it look fabulous and resells the home for mega money.
You can do that too, right?
The answer is maybe.
To decide whether a fixer upper is right for you, follow along as we debunk some common myths.
- You can always resell the house and make more money than you invested
- You only need to make the house “look pretty” for it to be worth more money
- Fixer upper homes are cheaper than resale or new homes
Myth #1: You Can Always Resell the House and Make More Money Than You Invested
There are a few other factors you need to consider before buying a fixer upper if you are doing so to flip the house. These factors include:
- The value of the home once repairs are complete
- The cost of the repairs to the home
- The current asking price on the home
- Holding costs
Myth #2: You Only Need to Make the House “Look Pretty” For It to Be Worth More Money
There is a lot more to home renovation than paint and new flooring. To be able to fix the home properly, you may need to make extensive repairs to the roof, foundation, plumbing, heating and cooling systems, and other areas.
The best way to know how extensive the needed repairs are is to get a licensed home inspector to do a home inspection prior to buying a fixer upper home.
Along with industry experts, we’ve created a special report titled “Fixer Uppers: Myths & Facts – What You Should Know Before You Buy”. Get insider information on buying a fixer upper home and valuable tips with our free report.
Myth #3: Fixer Upper Homes Are Cheaper Than Resale or New Homes
his is a widely held misconception. The price of the home depends on many factors such as location and the condition of the property. Not all fixer upper homes are cheaper. In fact, when you figure in the cost of repairs a fixer upper may be more expensive than a traditional home purchase. You don’t always save money with a fixer upper!
To get the best deal on your fixer upper home in the Myrtle Beach area, contact the experienced real estate agents at Your Home Sold Guaranteed Realty – TMS Real Estate Team.
To gain access to our special report “Fixer Uppers: Myths & Facts – What You Should Know Before You Buy”, complete the form below. For more information on buying a home in Myrtle Beach, call us at (843) 438-7043, contact us here, or fill out the below form. Don’t wait – get started on the purchase of your fixer upper dream home today!