When shopping for a home, your first instinct might be to look for a home that is already move-in ready. However, this is not your only option. Instead, you might just want to think about buying a fixer-upper, even if it's not something that you have considered so far. These are a few reasons why this might just be the best way for you and your family to buy a home.
There are Loans Designed Just for This Purpose
For one thing, if you're unsure about how you're going to finance your home purchase, you might be happy to know that there are special loans and mortgages out there that are just for people who are looking to buy fixer-uppers. From hard money loans to a 203(k) home mortgage, you might be surprised by what your options are for borrowing money both to purchase the home and fix it up.
You May Be Able to Buy a Home Sooner
Many people fear that they will never be able to afford a home of their own. If houses are expensive in your area, then buying a home that's move-in ready might still be a long way away for your family. If you are able to find a great deal on a fixer-upper, however, you might find that home ownership will be achievable for you much sooner. Do keep in mind that if you are going to be doing heavy remodeling, that you won’t be able to move in soon. Big pieces of furniture are definitely going to need to be away from most of the remodeling efforts, but they can’t be left in a garage or sheds. You’ll either need to find a relative or friend to help you out, or get a storage unit. If you do decide to use a storage unit, make sure that it is temperature controlled and can fight away moisture as furniture can be vulnerable to heat, cold, and humid climates.
You Can Get More Home for Your Money
Even if you have the money to buy a home, you might be concerned that you don't have a big enough budget to buy the home that you actually want. One good thing about buying a fixer-upper is the fact that it can help you get more home for your money. This means that even with a smaller budget, you might be able to afford a bigger home or a home in a nicer neighborhood if you're willing to put a bit of work into the home that you buy.
You Can Customize Your Home to Suit Your Wants and Needs
Lastly, by fixing up your home yourself, you can customize your new-to-you home to suit your wants and needs. You can pick the flooring, the wall colors and more. It's a great way to get a custom home without having to pay custom-built prices. In addition to cosmetic features, you also have the option to customize your home with smart home features, like a smart thermostat and security automation.
As you can see, there are a few different reasons why it can be a good idea to buy a fixer-upper. If you have been thinking about buying a home, consider looking at properties that need a little bit of work for these reasons and more. You might just find that it's the perfect way to buy your dream home.