LEC’s Dan Bawden Featured on Realtor.com
“Should I buy a fixer-upper?” If this thought has crossed your mind, we don’t blame you. Many home buyers fantasize about purchasing a run-down shack and transforming it into a palace (thank you, Chip and Joanna Gaines). Still, pipe dreams aside, should you actually do it?
While they aren’t for everyone, experts do say that there are many real reasons to buy a fixer-upper. Here are a few to help you figure out whether this type of house is right for you.
1. Because fixer-uppers are bargains
Probably the most obvious reason to go for a fixer-upper is to get a great deal on a house.
In fact, Dan Bawden, remodelers chair of the National Association of Homebuilders, says people shopping for a fixer-upper can expect to spend 20% to 25% less than what they’d have to shell out for comparable homes that are move-in ready. Homes with serious issues—such as with the foundation, termites, or flooding—should command an even deeper discount.