Buy a Fixer-Upper – Or Should You Build a New Home?

┬áThe temptation to buy a fixer-upper these days can be great. There are a lot of homes on the market and there are some really good deals. But, the choice always represents a dilemma.This article will explore the pros of building a new home and the cons of buying and remodeling a fixer upper.The Case Against Buying a Fixer UpperWith the deals on homes that you can find, fixing up a home may not yield the return you’re looking for. It becomes a crap-shoot when trying to figure out the potential profit or value you can add to a fixer upper.Take a look at these reasons not to buy a fixer upper:
You often are met with surprises when you look behind the walls and under the foundation or roofing
It’s difficult to price out a remodel if the job is fairly extensive
Matching your additions and changes to the rest of the home can be tricky and limit what you can do
The foundation of the home may not be solid requiring an expensive fix
You may uncover mold, leaks, pests, and other problems that were not found by a house inspection
If you want to live in the fixer upper while you work, it can be very unsettling
In some housing markets, the upgrades you do will not yield much extra value
The “best” fixer uppers may be in the worst neighborhoods
Why Building a New Home Could be Your Best BetBuilding a home from scratch is definitely a big job that is going to require a lot of time and help. Not many people can be a do-it-yourself homeowner builder, which means more professional help.Study these reasons why you might be better off building a new home:
Even though you may have to buy land, you can build the home at your choice of locations, in the neighborhood you want
Instead of surprises, you can plan out the entire home building strategy and use the exact materials you want
You can have the home designed just the way you want it
You can sometimes get a loan that requires no payments while building so you can live comfortably elsewhere while you build
You can use a modular, kit or packaged home to simplify your project which is normally not possible with a remodel
You’ll have a brand new home when you’re done rather than a refurbished home
You can utilize many more “green building” techniques and products when you build from scratch
It will be easier to build a very energy efficient home which will save on utility bills
Don’t Go it AloneI don’t intend for you to make your decisions based upon one suggestion or one article. I have always advised people to research well and hire a home building coach. Industry professionals like architects, structural engineers, subcontractors, construction managers, and the like can make great coaches.Partnering with a coach elevates you to a much stronger position. With a good coach and planning, you’ll make the decisions that serve you best.Prepare well and you’ll get just what you want at a savings.