Finding Your Perfect Home in a Fixer Upper

If youre trying to buy a home and are having a hard time finding one you can afford, it may be time to consider a fixer-upper. Thats a house that needs a little elbow grease or some updates, but has good bones. Fixer-uppers can be a really great option if youre looking to break into the housing market or want to stretch your budget further. According to NerdWallet:

Buying a fixer-upper can provide a path to homeownership for first-time home buyers or a way for repeat buyers to afford a larger home or a better neighborhood. With the relatively low inventory of homes for sale these days, a move-in ready home can be hard to find, especially if youre on a budget.

Basically, since the number of homes for sale is still so low, if youre only willing to tour homes that have all your dream features, you may be cutting down your options too much and making it harder on yourself than necessary. It may be time to cast a wider net.

Sometimes the perfect home is the one you perfect after buying it.

Heres some information that can help you pinpoint what you truly need so you can be strategic in your home search. First, make a list of all the features you want in a home. From there, work to break those features into categories like this:

• Must-Haves - If a house doesnt have these features, it wont work for you and your lifestyle.
• Nice-To-Haves - These are features youd love to have but can live without. Nice-to-haves arent dealbreakers, but if you find a home that hits all the must-haves and some of these, its a contender.
• Dream State - This is where you can really think big. Again, these arent features youll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, its a clear winner.

Once youve sorted your list in a way that works for you, share it with your real estate agent. Theyll help you find homes that deliver on your top needs right now and have the potential to be your dream home with a little bit of sweat equity. Lean on their expertise as you think through whats possible, what features are easy to change or add, and how to make it happen. According to Progressive:

Many real estate agents specialize in finding fixer-uppers and have a network of inspectors, contractors, electricians, and the like.

Your agent can also offer advice on which upgrades and renovations will set you up to get the greatest return on your investment if you ever decide to sell down the line.

Bottom Line

If you havent found a home you love thats in your budget, it may be worth thinking through all your options, including fixer-uppers. Sometimes the perfect home for you is the one you perfect after buying it. To see whats available in your area, connect with a local real estate agent.