For the longest time, homebuyers have lowered their expectations because finding the perfect home is practically impossible. It doesn’t exist, unless you build/rebuild it, of course. Many people reject the suggestion that they have to start from scratch in their search for a home, and understandably, it’s a big job. But, whether that’s the reality for everyone or you just like thinking that way, there is a clear benefit to building/rebuilding a property: you get to do it your way.
Why would you even consider undertaking a project of this size? According to a survey from 2015, only 18% of all homebuyers in America purchased a fixer-upper. Now, it’s probably the only choice for new homeowners, but that’s not necessarily a bad thing. After all, it’s becoming more challenging to buy a new home due to skyrocketing prices, higher credit score requirements, and subpar options.
Renovating a cut-price home you bought will never be easy, but those who buy move-in-ready homes aren’t exempt from headaches. What is alluring in renovating fixer-uppers is the satisfaction of building something on your own. Whether you plan to live in the house or plan to sell the property, renovating will contribute to your goals.
More than that, an FHA 203k loan scheme makes it easy for you to afford the expenses. Some terms will affect the project, but being able to bundle it with your current mortgage means there’s only one payment plan for you to mind. You only need to look at the individual bills you have to sort through every month to see that this is a time saver.
Cash is important, but moving forward, your readiness to get your hands dirty could be your card to spending less. Even just painting could save you big money in labor. It’s not the lesser costs that will please you the most, though, certainly not as much as the rewarding experience of using your hands to craft the home of your dreams.
In homebuyers’ biggest decisions, there’s always a hint of jumping to a conclusion. It’s usually the case in renovating a cut-price house, but that’s discounting the satisfaction that most homebuyers will never get to experience.