A fixer-upper is a house that needs a lot of repair work. Because they need maintenance, fixer-upper homes usually sell for less than a home that’s in better repair or a new home. People often buy a fixer-upper when they enjoy do it yourself projects and want to buy the home as an investment. Once a fixer-upper has been fixed it can sometimes sell for a higher value than the home buyer bought it for.
Every home buyer approaches the challenge of owning a home differently. Gone are the days when families lived in their homes for 30 or more years. Now buyers are continually renovating, upgrading, selling and buying again. These " serial home buyers" have been enabled to continue with friendly tax laws allowing the sellers to pocket the gains, tax free.
Should a home be repaired before going on the market, or can it be sold as a fixer-upper? If you don't have the time, interest or cash to repair a fixer-upper yourself, taking whatever cash you can get from selling it may be a good solution. To help you decide on the fixer upper, invite a real estate agent over to share opinions.
Buying a fixer-upper can be a great way to turn a profit. Since few homeowners have unlimited cash to spend, planning ahead for a renovation or home improvement project can make a world of difference. Plan ahead for short-term or long-term projects, shop around for the best prices on supplies, try to do some if not all of the work yourself, and keep track of all of your expenses. Staying on top of your home repair projects will maximize the value you get out of them when you sell.
While homeowners have always tackled small fixer-upper projects, like replacing a broken lock, or installing an electric garage door opener, the projects aren't so small anymore. With hundreds of billions of dollars being spent, home improvement has turned out to be the business of the millennium. And with more quality information available, homeowners are tackling home improvement with renewed vim and vigor.