What Are The Benefits of Buying A Fixer Upper?

Are You Ready To Pick Up A Bargain Property for Renovation?

Fixer uppers require modernisation but you can snap them up for bargain prices and add your own personalisation to them.

The average price of a house in the UK stands at £319,967 in April 2020. If you’re struggling to come up with the necessary funds to move into your dream property, then you might consider opting for a fixer upper instead. A fixer upper is a property that has plenty of potential to become your dream home, but will need quite a lot of work done to it to achieve your property goals. This guide will help you decide whether you’re ready to take on a fixer upper or if you’d prefer to pay more for a home that’s ready for you to move in to.

Lower Budget

If you’re purchasing a fixer upper, then you’ll usually need less of a budget for the deposit and mortgage costs of your new home. Many of the properties that are available at auction require modernisation, so you may be able to find a bargain to snap up under the hammer if you’re willing to conduct your research. Of course, even though you’ll be paying less of a mortgage on a fixer upper, you’ll need to factor in the cost of renovation works which may be extensive depending on the current standard of accommodation. If you happen to be quite handy and can do your own electrical, carpentry or plumbing work then of course you could save thousands.

Add Value To The Property

If you’re careful with the cost of your project, then there’s every chance that your finished property could be worth more than your original top budget. This will require you to take extra care with where you purchase materials, ensuring you don’t waste anything and of course accept DIY help from handy friends and family members where possible.

Your Own Personalisation

The downside to moving into a ‘ready’ home is that you’ll be stuck with the previous owner’s tastes for a while. Even if they appeal at first, it won’t be long before you want to stamp your own character on the property – it is your home now after all. An estate agents Chelmsford team explains that when you opt for a fixer upper, you’ll be able to knock down walls to create more space, install luxury flooring and underfloor heating and revamp the bathrooms. As soon as your project is finished, you’ll have your home looking just the way you want it to be!

Pricing Yourself Into A Swanky Area

If you want to move into a more desirable area than the location you’re currently in, then you might find current house prices to be a little out of reach. Buying a fixer upper in a smart part of town is a great way to find a bargain property and make sure you’re exactly where you want to be based.

Choosing whether to buy a fixer upper is an entirely personal decision and isn’t for the faint-hearted. There are plenty of advantages to renovating a home, but you’ll need to have lots of patience and be prepared to live in a bit of a mess for a while. If you’re ready to take the plunge, why not chat to your local estate agents team to explore any fixer uppers in the area?

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