We bought an uninhabitable fixer upper
You may think we are crazy...well maybe so! I have listed the benefits here
Buying a fixer-upper can offer several benefits for the right individuals or investors. Here are some advantages of purchasing a fixer-upper property:
Lower purchase price: Fixer-uppers are generally priced lower than fully renovated properties. This can provide an opportunity to get into the real estate market at a more affordable price.
Potential for increased equity: By investing time and effort into renovating the property, you can potentially increase its value and build equity. This could lead to a profit if you decide to sell the property later.
Customization and personalization: Fixer-uppers allow you to design and customize the property to your liking. You can choose the materials, layout, and finishes that suit your preferences and needs.
Learning experience: Taking on a fixer-upper project can be a valuable learning experience, especially for first-time homebuyers or real estate investors. It provides an opportunity to gain knowledge about home construction, renovation, and property management.
Potential for rental income: If you don't plan to live in the property yourself, you can renovate and rent it out for a potential source of passive income.
Less competition: Fixer-uppers may have fewer interested buyers due to their condition, which could mean less competition during the purchasing process.
Location and neighborhood: You might be able to afford a fixer-upper in a desirable neighborhood that would be otherwise unaffordable if it were fully renovated.
Negotiation power: The condition of a fixer-upper gives you more room for negotiation with the seller, allowing you to potentially secure a better deal.
Renovation on your timeline: When you're in control of the renovations, you can prioritize them according to your budget and schedule, allowing for flexibility.
Investment potential: If you're experienced in real estate investing, a fixer-upper can be an excellent opportunity to add value and increase your return on investment.
Despite these benefits, it's essential to recognize that fixer-uppers also come with potential challenges, such as unforeseen renovation costs, time investments, and potential stress. It's crucial to thoroughly assess the property's condition and have a clear plan and budget in place before taking on such a project.
I will share more later on the "Economic Exodus: The Eastern Gold Rush Outperforming Californian Dreams"
Want to step inside? Click my youtube video where we travel to there..cuz remember, we purchased site unseen