Is a Fixer-Upper the Best Choice for You and Your Family?
Are you looking into buying a home in Glenview, IL, but feeling like nearly everything is just out of reach? There is still a way to become a homeowner, even when affordability seems like a massive roadblock–and it might be with a fixer-upper. In this article, we will explore why a fixer-upper might be the best option when it comes to homeownership and how you might be able to make it work.
Continue to read to find out if a fixer-upper is right for you when moving to Glenview, IL.
What is a Fixer-Upper?
A fixer-upper is a home that is in livable condition but needs plenty of work and renovation. The amount of work will vary by home, with some needing cosmetic updates like new flooring and popcorn ceiling removal, while others might require more extensive repairs like replacing the roof or updating plumbing. Because fixer-uppers tend to need elbow grease, these types of homes have a lower price point based on the local market value. If you are looking for a way to get your foot in the door and you are willing to roll up your sleeves and do a bit of work, a house with untapped potential can be a great option.
Tips to Buy a Home That Needs Work
Before buying a home, that can mean needing a makeover, here are a few things to keep in mind:
- Choose a Great Location: You can always repair a house, but you cannot change where it is. Make sure that the home is in a good neighborhood that you will love or one with increasing property values and a growing number of local amenities popping up in the area. This way, even after you have spent money fixing it up, the house will be worth more down the road.
- Budget for Upcoming Surprises: Fixing up a house can take tons of time and more money than you may think. Make sure that you save room in your budget for any repairs or other unknowns that may come up while working on the house.
- Get a Professional Home Inspection: Before buying, hire an inspector to check out the house, as they will help you to determine the necessary repairs so that you don’t have to end up with more expenses later.
- Plan Out Your Priorities: When you are deciding what to tackle first during a renovation, it helps to categorize your goals. Think of your home in three ways: essential repairs or must-haves, upgrades that can make life easier or nice-to-haves, and the luxuries you can add on. Later or your dream-state features. This can help you to better prioritize and stick to your budget better.
The Perfect Home is Perfected After You Buy It
When starting with a fixer-upper, you have the opportunity to fully customize your home to your liking while saving money on the initial purchase price. With careful planning, close budgeting, and some vision, you can turn any house that needs love into the perfect home. Professional real estate agents are wonderful at finding homes with the best potential, as they know the local market and can guide you to homes where smart upgrades can add value. With their help, you are more likely to find a house that fits your total budget and still holds room for improvement.
Conclusion
In today’s market, where the cost of homeownership can be more intimidating, it can be beneficial to find a move-in-ready home that will fit your budget better, feeling less like a real challenge and something fun. But if you are open to putting in a little bit of work, you can transform a fixer-upper into your ideal home. A local real estate agent can help you to better explore what is possible and find a place that will work for you and your family. Trust your local real estate professionals at Burling Square Group to guide you in finding and settling down in the home of your dreams in the many flourishing suburban neighborhoods that make up Glenview, IL, today.