Should I buy a house that needs work?
Sometimes a house needs work, like a kitchen update, new floors or repainting. Some people might prefer an original 1950s kitchen, while others want a modern one complete with granite countertops. In some cases this is a personal opinion. In others, it’s obvious that things will need replacing, like a stained wall-to-wall carpet or appliances that no longer work.
If a home truly does need work than the seller knows this is and will price it accordingly. They may even state AS IS. Still, if you are interested in a house that needs work you should try to negotiate the price as best as you can. There are also a few things to consider. Maybe the owner of the home is deceased and the inheritors don’t want it, nor do they want to put money into fixing it up. Perhaps the seller didn’t maintain it properly over the years. Find out why these repairs or refurbishments were never done.
If the home has been on the market for a while then chances are the work that it needs exceeds the seller’s expectations. It could also mean that most of the people that have looked at it don’t want to put in the time or money to fix it up. There could be many reasons why a home needs work. Whether or not you should buy a house that needs fixing up is completely a personal preference. If it is your dream home other than the hideous 1970s kitchen tiles then maybe it’s worth it. The amount of work needed and the cost involved in turning that house into your dream home should be the deciding factor.
The neighbourhood should also be a decision maker. If the house is in a good neighbourhood then it could very well be worth purchasing it and fixing it up. The nicer houses is the area will only bring up the value of it, especially once all of the work is completed. It is also an affordable way to move into a neighbourhood that you otherwise may not have been able to afford.
Mark has been dedicated to finding the right home for his clients for over 30 years. Take advantage of his wealth of experience! Learn more.