Thinking About Buying a Fixer-Upper?

If you’re like many people, you kind-of like the idea of buying a fixer-upper and living in it while you make improvements.

But that’s not always the best choice. Here’s what you need to know.

Before you dive in headfirst, think about these things:

Not all flaws can be fixed
Sometimes fixing a house is expensive
You can ask the seller to take money off the price
You could be eligible for a renovation loan

Not All Flaws Can Be Fixed

Some homes marketed as “fixer-uppers” are actually disasters. (Did you see Tom Hanks in The Money Pit?) Sure, you can handle things like chipping paint and old, worn carpet – but big flaws may make the home unlivable.

Sometimes Fixing a House is Expensive

Foundation and structural problems are a nightmare… and even if you can fix them, they cost a fortune. Other fixes that can cost you a bundle include anything dealing with sewage, septic, and HVAC systems.

You Can Ask for Money Off the Price

Even though sellers typically list fixer-uppers for lower prices than their already-fixed-up counterparts, you can still ask for a deal. After all, you’ll have to spend your own cash to improve the home. If you have a ballpark figure on how much money you’ll need to spend, you can ask for that amount off the sales price – just make sure to explain your offer in real financial terms to the sellers so they don’t think you’re trying to lowball them.

You Could Be Eligible for a Renovation Loan

Some fixer-uppers qualify for financing through a renovation loan, like a 203(k) loan backed by the Federal Housing Administration.

Are You Selling or Buying a Home for Sale in Lake City?

If you’re selling a home in Lake City, we’re the local experts. We know how to market your home aggressively and bring in qualified buyers, and we’d love to help you sell quickly and at the right price.

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

In the meantime, check out the most popular Lake City home searches by exploring the links below.

Thinking About Buying a Fixer-Upper?