Buying a fixer upper leaves room for putting your creative touches on the home, but buying a fixer upper comes with a lot of work and sweat, too. Not everyone can be Chip and Joanna Gaines. In the launch of Coffee with Coach Carter, Vince Carter, principal broker of The Vince Carter Team, explores the pros and cons of buying a fixer upper.
First, let’s look at the pros.
You can get a great buy, because fixer uppers have potential and you can get negotiate a price deal. Don’t let shag carpet and busted windows keep you from buying a property. Most people who walk into these homes will walk away, but if you are prepared to tackle the carpet and windows, then you can get a lot of bang for your buck.
When you buy a fixer upper, you get sweat equity. If you are willing to pour a little sweat into a fixer upper, then it will show on your return on investment. You are ultimately adding value to the home.
Third, fixer uppers give you the opportunity to create your own masterpiece. You make all the decisions on lighting, paint colors, flooring, and more. You make the vision for your home come to life.
Next, let’s look at the disadvantages of fixer uppers.
Things never happen as quickly as you think they will. On TV, houses are renovated in six weeks, but Coach Carter has learned renovations do not always move that quickly. For him, his first big project took him 3 times as long as he projected. Time is money, so you want to complete the renovation in a timely manner to stay in budget.
Second, you need cash and a lot of it. Many people make the mistake of assuming the bank is automatically going to loan them the money, but there’s a lot of documentation they have to show before being approved for the loan. The bank wants to see your construction plans and know you are fit to undertake a renovation.
The third con is energy. You have to have the time and energy to devote to a fixer upper. Coach Carter said the projects he would take on in his 20s versus projects he would take on now in his 30s are completely different, because he has a family and a career. He doesn’t have the time or the energy to spend. You need to assess your energy levels.
Is a fixer upper right for you? The Vince Carter Team is happy to have this conversation with you. Call us at 270-908-0020.
**We are a local Commercial and Residential Real Estate Brokerage and team. Our mission is to give Western Kentucky buyers and sellers an exceptional real estate experience! The advantage of working with our team is having a group of professionals who are skilled and specialized to serve your needs versus an individual agent trying to be a master of all trades. Innovation, creativity, and a consultative style drive our process that will help you effectively and efficiently, whether it’s residential or commercial real estate. For more information contact us directly at 270-908-0020 or www.WeSellPaducah.com.**