The Pros and Cons of Buying a Fixer Upper

Purchasing a fixer-upper is an exciting, yet challenging, venture. The idea of transforming a neglected property into the home of your dreams can be highly rewarding, both emotionally and financially. However, it’s not without its hurdles. If you’re weighing the pros and cons of buying a fixer-upper, this guide will help you understand what to expect before jumping in.

Affordability and Potential Equity

One of the biggest advantages of buying a fixer-upper is the lower upfront cost compared to a move-in-ready home. Properties in need of work typically come with lower price tags, allowing you to invest in a home you might not otherwise afford. The money saved on the purchase can then be allocated toward renovations, allowing you to build equity as you improve the property.

Home equity depiction with a wooden small house and piggy bank sitting on top of handheld calculators

Fixer-uppers also present the chance to increase your home’s value significantly. With strategic upgrades, you can potentially turn a major profit if you decide to sell down the road. Even if you don’t sell, having a higher-value home means building long-term equity, which can benefit you in the future.

Customization and Personalization

Fixer-uppers are like blank canvases waiting for your personal touch. One of the most appealing aspects of buying a home in need of repair is the opportunity to design it exactly the way you want. From selecting your favorite flooring to designing the perfect kitchen layout, you have full control over the creative process.

Unlike buying a home that’s already been renovated according to someone else’s tastes, with a fixer-upper, you’re in charge. This freedom to customize can result in a home that truly reflects your style and meets your unique needs.

Renovation Costs and Time Commitment

While the initial purchase price of a fixer-upper is lower, the costs of renovations can add up quickly. Unexpected issues like plumbing problems or outdated electrical systems can turn into expensive repairs, pushing your budget beyond what you initially planned. If you’re not prepared for these potential costs, you may find yourself facing financial strain during the renovation process.

home renovation split screen during and after.

In addition to financial costs, there’s the time commitment. Renovating a fixer-upper is not a weekend DIY project—it requires significant time and effort, especially if you plan to live in the home while the work is being done. Renovations can take months or even years to complete, depending on the extent of the repairs. For some, the process is an exciting journey, but for others, it can feel overwhelming and frustrating.

Dealing with Uncertainty

When buying a fixer-upper, you’re often taking a gamble. Even with thorough inspections, hidden problems can surface as renovations begin. Structural issues, foundation problems, or mold can be costly to fix and may cause delays in your timeline. It’s essential to factor in a contingency budget and timeline to cover unexpected problems that arise during the renovation.

In addition to the uncertainty of the renovation process, you might also encounter difficulties with permits and local regulations. Depending on your area, you may need approval from city officials for certain upgrades, which can delay your progress and add additional costs.

Emotional Satisfaction

For those who are up for the challenge, buying and fixing up a home brings a deep sense of satisfaction. Watching a property transform from rundown to remarkable under your care is a rewarding experience that brings a sense of accomplishment. You’ll not only have a home that reflects your personal taste but also the pride of knowing that you played a key role in its transformation.

Happy family standing in front of a brand new home they bought and fixed up.

Living in a home you’ve put so much effort into can also make it feel more special. Each room will have a story, and you’ll have an appreciation for the space that’s unlike the feeling of purchasing a move-in-ready property. For many homeowners, this emotional connection is worth the hard work.

Is a Fixer-Upper Right for You?

In the end, deciding whether to buy a fixer-upper comes down to your goals, budget, and willingness to tackle the unknown. If you’re prepared for the time, financial investment, and potential headaches, the rewards can be significant. On the other hand, if you’re looking for a home that’s ready to go, a fixer-upper might not be the right choice.

Weigh the pros and cons carefully before making your decision, and remember to consult with professionals, like contractors and real estate agents, to get an accurate assessment of the potential work involved. Whether you choose to embark on the fixer-upper journey or not, being informed will help you make the best decision for your future home.

 

Let’s transform that unused closet

At one time, closets were the same size as a large room in our modern homes. In these spacious caverns, folks studied, wrote and spent time in contemplation.

Where did they keep their clothing, you ask? They stored them in wooden storage chests.

The closet as we know it today, “…a dedicated space built into the home for storage,”  came into being in the United States around 1840, according to the folks at Closets by Design.

And homebuyers fell in love with them. Naturally, home builders picked up on the feature; after all, people were willing to pay more for a home with closets.

Fast forward to 2023, when homes are vastly larger and not all of us have a hoard to store away. Believe it or not, some folks even have an unused closet.

If you are among these minimalists, read on to get some closet transformation ideas, many of which can be accomplished in one weekend.

Ditch the dining room table and create a brilliant workstation

The practice of transforming a closet into an office has become so popular there is a term for the result: Cloffice.

If you have an unused closet in the home, consider turning it into an office or a workstation. It’s a fun project that you can easily DIY over a weekend.

Step one is to determine if you’ll paint the closet’s interior. Many are so dreary that working in them may become drudgery.

Whether you know it as a closet bar or closet rod, that thing that holds your clothes hangers needs to be removed, if you didn’t do so while painting, before performing the next step in the transformation. Don’t dispose of it because if you ever sell the home, you’ll need to replace it.

Now you should have an empty closet, save for a shelf or shelves, set higher on the wall. On these shelves, use decorative boxes, trays or other organizational items to store small office supplies such as paper clips, staples, etc. Check out the ideas on Pinterest.com.

Don’t neglect installing suitable lighting. While overhead lighting is necessary, a desk lamp should also be on your shopping list. Shop for one that is adjustable, offers a generous amount of light, and has a small footprint.

Now all you need to do is figure out the desk situation. This can be as simple as plywood propped on short filing cabinets or a small version of an office desk. Get ideas online at TheCraftyBlogStalker.com and Remodelaholic.com.

Now, pull up that comfy chair you’ve chosen and get to work!

Curl up with a good book in your own reading nook

Shallow closets are ideal for this transformation idea. All you need is a comfy spot to lounge in and good lighting. But, really, the sky is the limit when designing this space.

Two examples we’ve found online are brilliant and include built-in window seats (our favorite) or a giant pouf to sit or lie on (this is especially cute for a child’s reading nook).

Good lighting is essential in this closet transformation.

From closet to laundry room? Yup!

Yes, it may sound wacky, but stick with us here. “Converting a closet into a laundry can be an inexpensive exercise as long as you have easy access to both plumbing and drainage,” according to an unnamed writer who took on the project and walks readers through it at Ideas2Live4.com.

We love the closet/laundry room with racks built into the doors to hold laundry soap and other supplies.

Think you can’t fit those appliances in the closet? The aforementioned unnamed writer says, “Most closets are 600mm (24″) deep. Most laundry appliances are around 500mm (20″) deep.”

With a bit of time and inspiration, you can quickly transform your unused closet into an area that is a joy to use.