3 Common Fixer-Upper Myths for Homebuyers

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:

  1. Once you fix up the home, you can sell it for more money
  2. You don’t need a home inspection
  3. Fixer-uppers are always less expensive
  4. 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?

Not quite.

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
  • Asbestos
  • 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
  • Acreage
  • 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.

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Matt Cooper, CEO | BROKER OF RECORD, Kendell Attrux, CFO | REALTOR
Matt Cooper is the Owner | CEO | BROKER OF RECORD with Your Home Sold Guaranteed Realty of Ontario and has 35 years of sales & marketing experience. Matt and his wife, Kendell, opened their very own brokerage in 2020 during the pandemic. They are serving more families with every passing year! 20+ years and counting! Being anointed "Official Realtors to The Humane Society of Durham Region" has been an honor for them. Matt, Kendell & team know - When you put others first, you will never be second! You can find Matt's full bio here.
(905) 440-0505