If it’s your dream to breathe new life into an older property, purchasing a home that needs some TLC — a fixer-upper home — can be a smart financial investment while also providing you with a place to call your own.
A fixer-upper house is a property that requires repairs, renovations, or updates. It can also be called a handyman special, diamond in the rough, or investment property. Other terms include rehab property, as-is property, or renovation project, highlighting the need for work or the potential for improvement.
The Benefits of Buying a Fixer-Upper Home -
Regardless of their condition, fixer-upper homes can be appealing to many homebuyers.
The pluses of buying a fixer-upper home include:
• Lower purchase price
• Less competition. You’re less likely to compete against multiple bids
• You decide on the improvements. You get to decide which projects are the most important and which take priority.
• You call the shots. You’re the project manager and have the freedom to choose your own materials, designs and contractors — on your own schedule.