Why Buying A Fixer Home May Not Be Your Best Choice

Posted on: October 30, 2007

When faced with the high cost of buying a home these days, some buyers are tempted to buy a home in need of repairs caused by deferred maintenance because they can get it for a reduced price. I have learned from personal experience that sweat equity usually comes with some costs.

One needs to consider the cost of materials, as well as, the amount of sweat that will be required. Other costs must be considered such as the time involved in selecting necessary contractors for the more technical work. Then there is the stress that comes with living in an unfinished house. If we’re talking about a kitchen remodel, be prepared to eat out for four to six weeks.

There can also be safety issues. I know of several situations where a family member got hurt because of construction debris laying around. In one case the owner’s friend stepped into an unlighted room and fell into the crawl area where the floor had been opened for repairs. You guessed it—he broke his leg!

My advice is to find a home in need of cosmetic improvements such as painting, minor carpentry, floor coverings, landscaping, etc. Where possible do one room at a time. Finish that room then go to the next project.

Buying a fixer can be profitable for a home owner. Just be realistic about the work involved and your own skills and limitations. Get good advice and always count the costs!

Written by Mel Hamilton, Realtor® for PortlandRealEstate.com.