In this market is it worth buying a fixer upper?
Will probably be living there 2-5 years so can invest the time into fixing it but will it be worth it?
Asked on Jun 18 2009,
Home Improvement in London |
Which location? town? country?
Answered on Mar 23 2010,
Definately. The prime buying time was a year or two ago but prices are still low. You can get a good mortage below 4%. The boom and bust cycle will never end. Buy now at a low price, sell again in a few years or even ten once the market is at a high again and credit is free flowing.
Just make sure you research your area and do your sums first on value and future estimated value. Check your budget and get advice.
Another tip is look for reposessions, plenty about right now and they can be an absolute steal, however you need to have financial backing to snipe that good deal.
Also be careful on your perspective of fixer upper. My house needed gutting and redoing completely, Ive just about finished after five years, but it has been incredibly hard. During that time at some periods Ive had to deal with dust and building rubble, no heating, no hot water, no kitchen, no bathroom, no electric, sleeping on concrete floors, etc. If you have the finances at all, it is cheaper overall and far less stressful to spend two months gutting and redoing it before you move in. It really isnt pleasant living on a building site and slows the work down dramatically.
Answered on Sep 5 2010,
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