Depending on your situation, one of the most important decisions you will have to make when it comes to buying a home is whether to buy a house that needs renovation or one that is move-in ready. While buying an already renovated house might seem like the better option at first glance, there are some clear benefits to choosing to buy and renovate a fixer upper instead. Here are three major advantages of buying a fixer upper home rather than an already renovated one.
Lower purchase price
Your lower purchase price may end up being substantially lower than you would pay for a similar finished property, so you can probably make up for any investment in design time by saving money on renovations. Plus, there’s always resale value to consider. The home may have more desirable long-term prospects if it’s been revamped from top to bottom, rather than simply touched up. If you’re looking at a fixer upper but aren’t sure where to start with renovations or are worried about costs spiraling out of control, it might be worth working with architects Chester who specialise in renovating old properties—they can help you figure out what is feasible financially and structurally.
Greatly increase property value
For many, buying a fixer upper house is an exciting endeavor. While it can be frustrating and challenging, homes that need work often have great potential to greatly increase in value. Many who buy fixer uppers are able to completely redesign them into their dream home. If you’re looking for a smart investment opportunity, take time to evaluate your unique needs and financial capabilities before deciding on what type of property to purchase.
Better neighbourhood
Many people think renovating an old house is only for designers or rich people who have too much time on their hands. Well, they’re wrong! Old houses can be more affordable to buy and can cost you less to renovate, but that’s not even the best part. The best part is that when you build your dream home from scratch, you get exactly what you want and exactly where you want it. This gives you more opportunity to seek out a better neighbourhood whilst having a home that completely works for you.
Dream home
When you purchase a fixer upper house, it gives you an opportunity to fully design your dream home from scratch. While you’ll get some ideas from doing research online and getting feedback from friends and family, nothing can replace having an architect Chester draw up blueprints for your property. For example, there might be features that you hadn’t considered—such as solar panels or extra storage space—and by working with an architect, these additions will become part of your design plan.
