It’s true that the Halifax real estate market is exploding along with other cities in North America, as there’s a growing trend of buying move-in ready properties. No repairs to be done, and everything you need is already included in the package. The new home is already filled with furnishings, furniture, and appliances. It’s utterly convenient, as you basically just have to bring your personal stuff, and your own knickknacks, family photos, and books on the shelves and wall. And you’re all set.
Even now, there are still lots of people (mainly guys) who like to purchase fixer-uppers instead. A fixer-upper is a house that’s livable, but it does need a lot of repairs. Now for some this may not seem like a very good idea, as it’s a potential money pit. However, if your goal is to do the repairs yourself, then it’s not an entirely bad idea. In fact, there are good reasons for you to do so:
1. The price of a fixer-upper is very low compared to a move-in ready home. It’s normal to negotiate the price to a significantly lower level when there are lots of needed repairs for the house. So with a fixer-upper, you definitely have lot of repairs to make. You can then probably get a bigger house without paying too much for it. So if your mortgage isn’t all that impressive, you can still buy a house if you have to fix it a lot afterwards. Then when you’ve done the repairs, you can sell it for a much higher price and you can even make money off the house.
2. You can save money when you do it yourself. When you negotiate the price of repairs, you certainly factor in how much the professional labor will cost to have those repairs done. But then you save a lot of money if you don’t hire professionals and you do the repairs yourself. Some of the repairs are actually simple.
3. You’re never bored on weekends. Lots of DIY enthusiasts are in love with fixer-uppers because it offers a goal and a hobby. Some people do jigsaw puzzles, others fix cars, but on the weekends you can happily spend a lot of time fixing any of the small things wrong in your house. Of course, you may end up spending money to get repair equipment, but that’s more about spending on your hobby than paying the costs of house maintenance.
So instead of going fishing or camping over the weekends, you can spend the weekend days happily fixing the plumbing, electrical system, or the HVAC. Even DIY newbies can get into the action, since there are lots of YouTube videos that demonstrate home repairs. For lots of people, it’s fun. It even makes more sense than collecting stamps.
4. Your friends and family will be impressed. If you have regular guests over, then they will certainly notice how your house becomes better and more beautiful as time passes. You can show off your skills as well, and brag about the porches you’ve made and the leaks you’ve fixed. You can also make sure that pests can’t get into your home. It’s fun to show off the new kitchen you’ve upgraded yourself, or the new laminate floors that you put in without professional help.
5. It’s great bonding time for the family. The husband in the family can invite friends over to help with the repairs as part of a friendship bonding ritual. After a hard day’s work, they can enjoy beer and BBQ in the backyard. Guys aren’t the only ones who may be interested either. The whole family can help, and it can draw each family member closer to each other.
So don’t despair if your pre-approved mortgage isn’t that high. Find a fixer-upper instead of a turnkey house, and you may find a truly terrific home that shines through after some TLC.