Property prices can fluctuate quite a bit depending on how well the property has been maintained. This is true everywhere, even at Saint Simon’s. If you’re ok with buying a piece of real estate which has seen a lot of wear and tear over the years (what is often referred to as a fixer-upper), then you can save quite a bit of money. But you might have to do a lot of work on the home as well. Here are some advantages and disadvantages of going for a piece of property which answers to this description:
- It’s Cheaper: You can get a large home for pretty cheap if you go for a fixer-upper. In general, most people looking to buy a piece of property tend to pass over homes like these. So if you have the courage to take it on and you feel that you can turn it into something good, you’re likely to save a lot of money in the actual buying process.
- It’s Bigger: You can get a bigger home than you thought you could initially afford if you get a fixer-upper. This will eventually mean more space for you and your family.
- It Has a Lot of Potential: Given that you will have to do extensive renovations, it’s possible for you to take a home and turn it into your dream home. You’ll be free to knock down walls, change or expand windows and move the rooms around to suit your convenience.
- It’s a Lot of Work: The main reason why people pass over fixer-uppers is that they’re going to be a lot of work. You may have to change the appliances, get a new HVAC system, fix the roof, paint the walls, fix the walls, get a new kitchen counter etc. So you should think about whether you’re up for doing all this or getting it done.
- It May Be Worse Than You Think: Certain things that need to be replaced or changed are obvious. For example, if your fence is broken, you know it will have to be fixed. But if the plumbing pipes are rusted, you’re not going to know this just by looking at the house, only when your water supply starts giving you trouble later on.