Should I buy a fixer-upper? What are the benefits and what should you look out for?
Buying a fixer-upper as your first home can be a great investment and a chance to put your own personal touch on a property. However, it’s important to approach this type of purchase with the right expectations and guidance from an experienced real estate agent. Here are some tips to keep in mind when considering a fixer-upper as your first home.
First and foremost, it’s crucial to work with an agent who knows the local market well, has experience working with fixer-uppers, and understands what to look for. They can help you identify properties with potential, determine the true value of the home, and advise you on the cost of repairs. As Matt Healy of the Pomerleau Team explains, “You have to understand the cost of repairs.” This understanding will help you avoid surprises down the line and ensure that you don’t overpay for a home that requires significant work.
Another advantage of buying a fixer-upper is that there is often an opportunity to purchase the property below market value. This can be especially advantageous for first-time homebuyers who may have limited budgets. However, it’s important to be prepared for the amount of work that may be required to make the home livable. Fixer-uppers can get out of hand quickly if you don’t have the right expectations going into it.
When rehabbing a fixer-upper, it’s important to keep the end goal in mind. While it’s exciting to put your own stamp on the property, it’s also essential to consider what future buyers may want. This means making thoughtful decisions about which updates and renovations to prioritize and making sure they align with what is in demand in the local market. The Pomerleau Team can help guide you through this process and ensure that your investment is a wise one.
In conclusion, buying a fixer-upper as your first home can be a great way to get into the real estate market and build equity. However, it’s important to work with an experienced agent who understands the local market and has experience with this type of property. They can help you navigate the process, understand the true cost of repairs, and make smart decisions about renovations. The Pomerleau Team is here to help first-time homebuyers achieve their homeownership dreams and make smart investments in their future. Contact them today to learn more.