Should You Buy That Fixer-Upper?
When is a fixer-upper house worth buying? Lets dive into the dynamics of what can make or break a good fixer upper purchase!
If you're are new to real estate as a buyer or investor and curious about what it looks like to get into a fixer upper, I suggest that article above. For those of you that don't recognize the show "This Old House", it is worth a watch and their website has a surprising amount of DIY home improvement guidance packed into easily digestible content.
In an expensive market like Central Oregon, many buyers are considering their affordability when breaking in and a fixer might be their best bet. I personally see it as one of the fastest ways to accelerate your home ownership journey and build in sweat equity. If purchased well and executed properly, I've seen clients of mine add 50-150k of equity to their home in just a few months! When searching for a fixer deal, l look for major turnoffs that will turn away most of the market, but in reality do not take much money or effort to correct; junk removal, paint, decorations, smoke odor, granny houses, ect. Be sure to know your limitations and don't over romanticize the idea of "flipping" a house (which has been so popular on tv) as this could get you in over your head quickly. Educate yourself on the process and projects (easy with youtube) and work with experts that can help you "bid" costs ahead of time. Always work with an educated and trust worthy Realtor who can help you analyze a purchase with some add value potential. Lastly, remember that if you are willing to put in the work and sacrifice a little upfront, you can set yourself up for big gains on the back end! - Greg
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