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8 Challenges of owning a Fixer Upper Home

Fixer-upper homes can be a great opportunity to build equity and create your dream home, but it’s important to carefully consider all of the potential challenges associated if you plan to keep it:

  1. Cost: Renovating a fixer-upper home can be expensive. You may need to invest a significant amount of money in repairs and renovations, which can be a financial burden.
  2. Time commitment: Renovating a fixer-upper home can take a lot of time. Depending on the scope of the work, it can take months or even years to complete all of the necessary repairs and renovations.
  3. Unknown issues: When you have a fixer-upper home, you may not be aware of all of the issues that need to be addressed. As you begin to work on the home, you may discover hidden problems that will need to be fixed, which can add to the cost and time commitment of the project.
  4. Stressful: Renovations can be stressful, and owning a fixer-upper home can take a toll on your physical and emotional well-being.
  5. Lack of immediate living space: While renovating a home, you may be unable to live in it or have limited living space. This means that you may have to pay for temporary housing or live in an environment with dust, noise, and other disruptions.
  6. Difficulty in obtaining loans: Fixer-upper homes may not meet the requirements of traditional lenders, which can make it more difficult to obtain a financing for those expensive repairs.
  7. Risk of over-improvement: The risk of over-improvement is another disadvantage of owning a fixer-upper home. If you invest too much money into the property, you may not recoup your costs when you go to sell it.
  8. Difficulty in finding a buyer: Fixer-upper homes can be harder to sell than move-in ready homes. Many buyers are looking for properties that are in good condition, and may not be willing to take on a fixer-upper project.

What If I leave my Fixer Upper House Vacant until I Fix it?

If you plan to leave your home vacant for an extended period of time, it is important to take steps to protect the property and maintain it in good condition to avoid any potential issues. However, in any case you can expect to encounter following issues:

  1. Maintenance and repairs: Without regular maintenance, your home may start to deteriorate, which can lead to costly repairs. If you are planning to leave your home vacant for an extended period of time, consider arranging for regular inspections and maintenance to be done.
  2. Security: A vacant home is at a higher risk of vandalism, break-ins, and other forms of criminal activity. Consider investing in a security system or asking a neighbor to keep an eye on the property.
  3. Weather damage: High winds, heavy rain, and other types of extreme weather can cause damage to a vacant home. If a storm is forecasted, it may be a good idea to have someone check on the property or take steps to secure the home.
  4. Insurance: Some insurance companies may not cover damage to a vacant home, or may require you to purchase additional coverage. Check with your insurance company to understand your coverage options.
  5. Property taxes: You will still be responsible for paying property taxes on your vacant home, even if you are not living there.
  6. Code violations: Vacant properties are often more likely to attract attention from the local authorities, if the property is not up to code or is considered a nuisance, you may receive a citation or fine.
  7. Pests: When a property is vacant, it may become a breeding ground for pests such as rodents, insects or even mold.

What are my Options if I own a Fixer Upper House?

There are a few options worth considering if you own a fixer-upper home:

  1. Selling the home as-is: Some buyers may be willing to purchase a fixer-upper home in its current condition. This can be a quick and easy way to sell the property, but you may not get as much for the home as you would if you made repairs and renovations first.
  2. Renovating the home: By making repairs and renovations to the home, you can increase its value and make it more appealing to potential buyers. This can take a significant amount of time and money, but it can result in a higher sale price for the property.
  3. Renting the home: If you are not ready to sell the property, you can consider renting it out. This can generate income while you decide what to do with the property in the long-term, but be ready for the responsibilities it comes with being a landlord.
  4. Wholesaling the home: You can also look into wholesaling the home, which means you sell the contract to purchase the property at a discounted price to another investor, and they will be the one to renovate and resell or rent the property.
  5. Hiring a real estate agent: You can hire a real estate agent to help you sell the property. They can assist you with pricing, marketing, and negotiating with potential buyers.

Additional Options for Elderly Owners

  1. Reverse mortgage: If you are 62 or older, you may be eligible for a reverse mortgage. This allows you to convert the equity in your home into cash, which you can use to pay for repairs and renovations, or to supplement your income.
  2. Seek help: You could also seek help from family members or friends to help you with the renovations, or you can hire professional contractors to do the work for you.
  3. Consider downsizing: If you no longer need a large home, you may want to consider downsizing to a smaller, more manageable property. This can reduce your maintenance and repair costs, as well as make it easier for you to take care of your home.
  4. Assisted living: If you can no longer maintain the property, you might want to consider assisted living. This option provides you with a safe, comfortable and secure place to live, with the added benefit of assistance with daily living activities

Should I sell my Fixer Upper home to a Home Buying company?

Selling your fixer-upper home to a real estate investor can be a good option for several reasons:

  1. Fast closing: Real estate investors are often able to close on a sale quickly, which can be beneficial if you need to sell your home fast.
  2. As-is sale: Real estate investors are often willing to buy a home in its current condition, which means you don’t have to make any repairs or renovations before selling.
  3. No realtor fees: When you sell to a real estate investor, you can avoid paying realtor fees, which can save you thousands of dollars.
  4. Cash sale: Real estate investors often pay cash for properties, which means you don’t have to wait for a mortgage to be approved before closing on the sale.
  5. Flexibility: Real estate investors can be more flexible than traditional buyers and can offer creative solutions to help you sell your property.
  6. Avoiding the hassle of renovation: If you are an older individual and are not able to handle the physical and financial demands of owning a fixer-upper home, selling to a real estate investor can help you avoid the hassle of renovation.
  7. Avoiding the stress of listing and showing: When you sell your home to a real estate investor, you can avoid the stress of listing your home and showing it to potential buyers.
  8. Avoiding the uncertainty of the traditional real estate market: Real estate investors can be a reliable option to sell your home, regardless of the current state of the traditional real estate market.

At H&M Home Solutions, We can give a maximum offer for your fixer upper home in 24 hours. We are local cash buyers who understand the local market and therefore understand the true value of your house.

We are a proud local homebuyers of Fixer Upper homes in Catawba County, Burke County, Caldwell County, Lincoln County and Surrounding areas.

Get Max. Offer on Your Fixer Upper House

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