Buying a home is an exciting thing, right?
It’s a thing that promises change and the opportunity to make something your very own.
When you’re searching for a new home, you should consider buying a “fixer upper”. And here’s why:
Purchasing a “fixer upper” can save you truckloads of money.
Many home buyers prefer to walk right into a new home that is ready and waiting for them.
They don’t want any hassles making the new home a nice and comfortable place to live.
Most aren’t even willing to renew the colors of the paint. They want it “ready to move in.”
This makes “fixer uppers” the best value because in order to compete with the other homes, they have to significantly lower the asking price.
Often you can often buy a “fixer upper” in a good neighborhood and save 10%, 20% and even 30% on the home compared to the other “ready to move in” homes in the same neighborhood.
For you as a buyer this means more cash stays in your pocket and in your bank account.
A “fixer upper” also gives you the great opportunity to make money on your home.
You’ve probably heard the term “Flipping.” (Else read this article here: http://blog.thaiestatenetwork.com/how-to-flip-your-real-estate-and-why-thats-a-good-thing/ )
This is a term for people buying “fixer upper” homes, they fix them up and then sell them for a profit.
If you buy a home in a good neighborhood and fix it up, then you can often make hundreds of thousands of Thai Baht in profit. Sometimes even millions!
Even if you’re not a professional home flipper, you can still make money on your home.
Buy it at a low cost and then fix it up, and you instantly increase the home’s value.
Once you’re ready to sell it, you will more than likely recoup all your investment and a chunk of extra profit on top.
Buying a “fixer upper” also means you can make the home genuinely yours.
If you move directly into a ready-made home means you’re likely going to have beige walls, beige carpet and beige tile.
Sure, it mix well with everything but it doesn’t have much personality, does it?
Being able to update the house to your personality will make it a more enjoyable place to live, don´t you think so?
Fixing up a home is also rewarding!
I’ve talked about money and comfort but I’ve yet to mention that fixing up a home can be quite emotionally satisfying.
There’s just something very rewarding about modernizing a new home.
Turning it from a somewhat boring or downright ugly home to a place you can be very proud of.
When you are choosing a “fixer upper”, I advise steering clear of homes that need any structural work.
Generally, what you are looking for is a home that needs cosmetic improvements, not a complete overhaul from the foundation up.
Structural improvements and major renovations can get very expensive and you most likely will find you’re in over your head.
Search for your new home very carefully. Take your time and valuate the pros and cons.
And of course you don’t neglect the homes that need a bit of repair, they can offer great bang for your bucks and not to forget a tremendous satisfaction.