Portland Real Estate – Buying a Fixer Upper, what are the Pros and Cons?

by | Jun 3, 2019 | Buyer Tips | 0 comments

Are you purchasing Portland Real Estate mainly as an investment or as your main home? Does it require a little upgrading or a significant overhaul? When you take into consideration that buying Portland Real Estate is a huge purchase, no matter what the reason, it’s always a good idea to examine the potential advantages and disadvantages.

Advantages of Purchasing a Fixer Upper

Location– The “fixer” you’re looking at could be in an excellent community. It might even be on the  ideal street. However, because it requires so much work , you could possibly score a home in a location you might otherwise not have the ability to afford.

Cost– It’s often more affordable to purchase something broken than to purchase something that works. Well, the same can be true for all kinds of real estate investment. Purchasing a fixer upper can be a great way to build equity in the home that you pour some sweat into by fixing it up over time.

Design– It’s your house. When you makeover, refresh or refurbish, you get to choose just what you want it to resemble. Modernizing the style to current trends and technologies will not only make the home more livable, but increase the appeal to potential buyers should you need to sell a few years down the road.  Plus it’s a great time to make the home fit your own unique personality!

Drawbacks of Getting a Fixer Upper

Cost— You could be able to conserve money on the sales price of a fixer upper, true. However, the savings might be totally shed the moment you start considering the expense of improvements. Prior to signing on the dotted line, do just what any savvy home buyer ought to do as well and get get some bids for the updates that you might want to make. Figure out the total amount you’ll be investing completely instead of basing your assumptions exclusively on the list price.

Location– Commonly, fixer uppers are in less than appealing areas or on streets where various other residences are in equal disrepair. Especially if you’re “flipping” houses, the possibility of obtaining your investment back isn’t really very likely unless you are tedious and have cash to purchase. When getting a fixer upper– for any imaginable reason– make sure you examine it’s location thoroughly.  As a general rule its a good idea to get the worst possible home in the best possible neighborhood.  Using this strategy should hedge against the possibility of over improving for the area.

Style– Quite frankly, your individual style could take more resources as well as understanding compared to what you have available. For instance, if you want tongue and groove ceilings or want to finish the walls in smooth plaster, but don’t have the skills to make the improvements yourself, you may be looking at a steeper bill than anticipated. Also, if you only have a few hours a week to tackle the job, the home can be in a state of disrepair for a long time prior to it’s completion.

A Solution To Your Fixer Problems

If you’re truly thinking about purchasing fixer-upper Portland home, always look at the pros and cons of the specific property. You can make a wonderful financial investment or end up with a money pit.   At Urbanvue, we offer a service where you can have an experience much like “Property Brother’s.”  We can help you find the perfect fixer home and our qualified contractor partner can remodel the home and have you moved in, in 4-6 weeks.  Best of all, our partner is one of the best modern home builder’s in the area.  Your home will be show worthy no doubt!