If you are checking out Flushing real estate, you'll see several fixer-uppers lurking in the listings. Is a fixer-upper a smart real estate investment?
If you are considering a home with potential, listen up! We are going to review some of the pros and cons of purchasing a real estate project.
The Pros
- Fixer-uppers have a lower price tag.
If you decide on a fixer-upper, you'll probably get more home for less money. This is a fantastic opportunity in Flushing, where steep real estate prices for move-in ready homes are common. - You can personalize your new place.
If you purchase a fixer-upper with good bones, it's like being an artist with a blank canvas. You can turn a disheveled piece of Flushing real estate into a comfortable home that is uniquely "you." - If you fall in love with a fixer-upper, you're more likely to get it.
We love homes with potential, but not everyone shares that sentiment. There is less competition for fixer-uppers than move-in ready homes. If you make a reasonable offer, your chances of scoring the sale are good.
The Cons
- Renovations are expensive.
Sometimes people forget that even though they purchased their fixer-upper for less, renovations could send them soaring over their budget. Crunch numbers carefully before committing to a project. - Unexpected renovation expenses might throw a wrench in your plans.
You've seen this situation on home renovation television shows. Someone purchases a fixer-upper, renovations begin and suddenly a fun kitchen remodel turns into a plumbing overhaul. While you look at fixer-uppers in the Flushing real estate market, make sure your budget includes extra cash for the unexpected. - You might need to live in chaos during your renovations.
If dusty shelves make you shudder, you'll probably struggle to live in fixer-upper conditions. If you don't have another place to stay while you remodel your Flushing real estate, you might need to grin and bear the mess until it's over.
If you're eyeing Flushing real estate, contact us today to see a list of homes with potential.
Call at (718) 997-6000 or email us here for more information.