A fixer-upper can be a great option for buyers who want to avoid a shrinking pocketbook and hope to increase their property’s value over time. While there are certainly benefits to buying a fixer-upper, it can require specific circumstances to be worthwhile. A fixer-upper is not for everyone. These types of people may want to avoid a fixer-upper when searching for a new home.
The Easily Stressed
Moving is stressful. If you are hoping to make this already-stressful process a little less bumpy, a fixer-upper may not be for you. Dealing with contractors, making design decisions, and managing the renovation process on a budget can be overwhelming for some people. If you are easily stressed or are simply hoping to reduce your stress points, a move-in-ready property may be a better option.
Those on a Time Crunch
If you have limited time and a busy schedule, you may find a turnkey property more fitting with your lifestyle. As enticing as a fixer-upper can be, it will require a significant time investment. If you have commitments that prevent you from devoting time to renovations and repairs, or you don’t want to wait for a contractor to complete a job before making your space comfortable, a fixer-upper is not for you. Depending on the fixer-upper, renovation projects can take weeks or even months to complete, meaning you may not be able to occupy the property for a considerable period of time.
Anyone With Few DIY Skills
Hiring a contractor is necessary for some jobs, but hiring out for every project will quickly eat away at your budget. If you have little repair skills, it may be better to avoid a fixer-upper until you can develop your handyman experience in a lower-stakes setting.
Buyers on an Extreme Budget
While a fixer-upper can sound like the budget-seeker’s dream, they can often be more expensive than originally planned. The costs of renovations and repairs can quickly add up. If your budget has little wiggle room, a move-in-ready property will offer you the advantage of accurate budgeting from the start.
Those Hoping for a Specific Location
If your goal is a specific neighborhood or location, you may not find a fixer-upper that meets this need. While not a hard rule, you will likely find it challenging to find fixer-uppers in desirable areas, meaning you would have to compromise on location to find an affordable project.
