The housing market is red-hot and turbulent right now, so it’s no surprise that renovating a fixer-upper is often favored over purchasing something more move-in-ready. But a house in need of major repairs comes with its own set of advantages and disadvantages. A refresher on the pros and cons of fixer-uppers — and some important tips to keep in mind when purchasing one — is always a welcome thing.
Pros of Buying a Fixer-Upper Home
Whether you are buying your future forever home or investing in a house to flip, the first plus to buying a fixer-upper is the lower list price and down payment, as most fixer-uppers require major maintenance work and see less buyer competition.