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The Pros and Cons of Buying a Fixer Upper

Moving | May 25, 2018

Reading Time: 2 minutes

If you are looking to own a home, you are faced with two choices. Should you build a new home, or buy a home that has already been built? You can save a great deal of money when buying a home that has already been built, especially when buying a fixer upper. But a fixer upper can be a lot of work. And will you really benefit from buying a home that comes with work already required? In this post, we’ll weigh out the pros and cons of buying a fixer upper home.

The Pros of Buying a Fixer Upper House

  1. Save Money: Depending on how much work the house needs, you can save a great deal of money by buying a fixer upper. Before buying a fixer upper, you should make a complete list of all of the projects that will need done in your home and have a general ballpark estimate of how much it’s going to cost.
  2. The Home Becomes Your Own: When you buy a fixer upper, you’re able to design the home of your dreams. Did you want more closet space? Design it. Did you want an island in your kitchen instead of simple counters? Build it.

The Cons of Buying a Fixer Upper Home

  1. The Budget: Buying a fixer upper can be a gamble. You could end up saving a great deal of money buying a fixer upper, but at the same time, surprise repairs could end up costing you more than planned.
  2. The Market: The housing market is unpredictable. And what if you lose your job? Or some other situation arises leaving you in a bind? If the housing market is down, you may not be able to sell your home or may end up taking a loss for it.

Should I Buy a Fixer Upper or Move in Ready Home?

What it comes down to is understanding what you are getting yourself into when buying a fixer upper. If you have had an inspector look at the house and they didn’t find any major concerns, then the fixer upper may be the right choice.

ezStorage Has Household Storage Solutions

Often times when people buy a fixer upper, they end up living in their home during the renovations. This can become a bit tricky when it comes to finding a place to store your items during the renovations. A solution that many people have found to be helpful is renting a storage unit.

ezStorage has storage facilities in the Maryland, Virginia, Baltimore and Washington, DC area. Our storage facilities offer both traditional and climate controlled storage unit options. The climate control storage unit will be ideal for the storage of more sensitive items. The storage facilities at these locations include storage unit sizes ranging from the 5×5 storage unit to the larger 10×10 and 10×15 storage unit. Contact us to rent a storage unit today!

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