Updated: Jan 15
Purchasing a fixer-upper sounds exciting, especially given the amount of time you are currently spending at home. You can carefully work on every detail to transform an old house into the home of your dreams! But is it going to be as easy and as fun as it sounds, noting the current real estate market trend?
Apparently, now is not the best time to buy a fixer-upper. Here are the 3 main reasons:
Material costs are very, very expensive.
The pandemic has resulted to many homeowners stuck at home with enough time to do all the home renovations that they can. This resulted in an increasing demand of materials which led to an increase in their prices. And the increase is not just a fraction, but even going to three times the original price. So if the fixer-upper requires a lot of renovations, it will be more expensive than it would be in the previous years.
2. Contractors are very, very busy.
Contractors are booked, sometimes, for months since most renovations require expert handiwork. If you're still convinced to get a fixer-upper, you also have to consider the time that you have to wait before any builder or contractor will be available to work on your house.
3. There are many issues that you might now be aware of.
The COVID situation is a given issue among the many. You need to also know about inspection issues and other protocols needed to done.
Buying a fixer-upper might be more expensive than purchasing a newer one but if you're already convinced about getting one, get a real estate expert so that each of your decision is informed and based on valuable years of experience.