Pros and Cons of Buying Fixer-Upper Troy Michigan Real Estate
Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on September 20th, 2010 Are you buying Troy Michigan real estate chiefly as an investment or as your primary residence? Does it need a little updating or a big overhaul? When you consider that buying Troy Michigan real estate is a major purchase, no matter what the reason, it’s always a good idea to look at the potential pros and cons.
Pros of Buying a Fixer Upper
Location – The fixer upper you’re considering could be in a great neighborhood. It might even be on the best street. But, because it needs work, you could get a home in a location you might otherwise not be able to afford.
Cost – It’s almost always cheaper to buy something broken than to buy something that works. Well, the same can be true for any kind of real estate investment. Buying a fixer upper may be a good alternative, if you want to own a home but can’t afford a high mortgage payment.
Style – It’s your home. When you remodel, redecorate or renovate, you get to choose what you want it to look like. Maybe it has a big picture window just dying for a window seat. Maybe you like soft mauve walls instead of the institutional green currently there. That’s okay, because you can fix it up to fit your personal style.
Cons of Buying a Fixer Upper
Cost – You may be able to save money on the selling price of a fixer upper, true. However, the savings could be totally lost once you start looking at the cost of renovations. Before you sign on the dotted line, do what any homebuyer should do and get a home inspection. Figure out how much you’ll be spending all together instead of basing your costs exclusively on the selling price.
Location – Often, fixer uppers are in less than pleasant neighborhoods or on streets with other homes in equal disrepair. Especially if you’re flipping houses, the chance of getting your investment back isn’t very likely. When buying a fixer upper – for any reason – make sure you weigh its location against the cost.
Style – Quite simply, your personal style might take more energy and knowledge than you have available. For instance, if you don’t know anything about drywall, plasterwork or woodwork, that window seat you want so badly may not be possible. As well, if you only have an hour or so a day to work on the home, it could be in a state of disrepair for a long time before it’s finished.
If you’re thinking about buying fixer-upper Troy Michigan real estate, always look at the pros and cons of the specific house. You could make a great investment or end up with a money pit.
If you’re looking for a fixer upper that needs some tender loving care, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.
Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
