Homebuyers: Don’t Believe These Fixer-Upper Myths
You’ve watched all the T.V. shows, followed accounts on social media, and scoured the internet. But, do you know about the fixer-upper myths and misconceptions?
Are you ready to buy a fixer-upper in Northumberland or the Durham region?
If so, there are many fixer-upper myths that can waste your time and money.
For instance, did you know that not all fixer-uppers make money on reselling? For this and other facts, complete the form below for a copy of our free report “Fixer Uppers: Myths & Facts – What You Should Know Before You Buy”.
Here are a few common myths about fixer-uppers:
- Once you fix up the home, you can sell it for more money
- You don’t need a home inspection
- Fixer-uppers are always less expensive
- Fixer-uppers are easy to find
As you can see, buying a fixer-upper in real life doesn’t go exactly the way it does on T.V. Remember that the people you see on television are real estate experts and/or investors. And, they usually have the big budget of a T.V. network or streaming service footing the bill!
Fixer-Upper Myth #1: Fixer-upper Resales
A common misconception about fixer-uppers is that, once fixed, you can resell them and make a profit. After all, isn’t everyone reselling fixer-uppers and making a ton of money?
This is highly dependent on the specific factors involved in your unique fixer-upper. Factors that impact your resale value include:
- The overall value of the home post-repairs
- How much the repairs will cost you
- The current asking price
- Holding costs
Fixer-Upper Myth #2: You Don’t Need a Home Inspection
Some homebuyers think that they don’t need a home inspection on their fixer-upper. Nothing could be further from the truth!
Fixer-uppers may have serious issues that can’t be seen. These problems can cost you tens of thousands of dollars. These nasty surprises include:
- Rusted pipes
- Lack of insulation
- Rotten boards
- Foundation issues
- Other underlying problems
Fixer-Upper Myth #3: Fixer-Uppers Will Save You Money
Not all fixer-uppers are less expensive than a new home or resale. The price of your fixer-upper depends on several factors including:
- The age of the home
- The location
- The extensiveness of repairs needed
- Other unique factors
Fixer-Upper Myth #4: Fixer-Uppers are Easy to Find
Fixer-uppers can be hard to find, especially when searching online. Online searches only reveal half of all available listings. The other half are off-market and can only be found by a real estate agent.
Use a real estate agent’s expertise when searching for a fixer-upper home. They can help you find a home, help you negotiate a fair price, and sell your current home if applicable. Your Home Sold Guaranteed Realty of Ontario is especially adept at finding the perfect fixer-upper home for our clients!
For more information on fixer-upper homes, call us at (905) 440-0505, contact us here, or fill out the below form. To get access to our free no-obligation report “Fixer Uppers: Myths & Facts – What You Should Know Before You Buy”, fill out the below form.