Should You Buy a House That Needs Major Repairs?

If you’re thinking about buying a home for sale in Boca Raton or a nearby community, you’ll probably start your home search online – and you may see several listings that are pretty close to what you’re looking for. You may also see some homes that look like total lemons… but with a little work, they could be “doable.” So should you buy a house that needs major repairs? Here’s what you need to know.

First things first: You should only buy a home that fits your budget and that you like – and if it needs work, it’s up to you to determine whether you’ll be able to pull it off yourself or you have the finances to hire professionals to help.

Major repairs can range from replacing siding to fixing a cracked foundation, so the extent of the repairs will also help you determine whether it’s worth it.

But here’s something else to consider: Home renovations are never as easy – and usually not as cheap – as what you see on popular home renovation shows. Sure, they make things look simple… but that’s what makes for good television.

How Extensive Are the Necessary Repairs?

Small projects may be totally acceptable. You can pick up a few cans of paint at your favorite home improvement store and start rolling. Even if you don’t want to do it yourself, it’s not prohibitively expensive to hire a professional painter.

Bigger projects are a little iffy. The best rule to follow here is to find out from your REALTOR® or another professional how much it would cost to pay a professional to do the work. Then, you have a few options:

You can ask the seller to take that amount off the price of the home because you’ll need that money to pay a contractor.
You can ask the seller to make the repairs and agree to pay list price for the home.
You can walk away from the house and look for something that’s a better fit.

What About Considering it an Investment?

The bottom line is that even if you buy the home and make the repairs yourself, you’re not going to get any credit for them when you turn around and sell the home several years from now. That’s because home repairs are expected – buyers expect you to keep up a house and maintain it in livable condition. (Upgrades are another story.)

How to Decide Whether a Fixer-Upper is Right for You

You may not want to hear it, but most fixer-uppers aren’t the best deals for buyers. If you’re looking for a great deal on a home, look for something that only needs a little fresh paint and minor repairs. Don’t scour the market for homes that are falling apart so you can get them for a song – you’ll end up singing the blues.

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Should You Buy a House That Needs Major Repairs?