On the face of it, buying a fixer-upper seems like a terrific idea! Perhaps you’re first-time homebuyers. You’ve found a rundown house in the perfect neighbourhood. The price is right. How can you possibly pass up on the opportunity? While buying a fixer-upper can work to your advantage, it can also become your worst nightmare. Here are some questions couples should ask themselves before signing on the dotted line:
- Is the house just in need of some cosmetic work or is there structural damage?
- Do we have the time to invest? Are we prepared to devote our evenings and weekends to this project?
- Are we going to live in the house while it’s being renovated? If not, do we have somewhere else to live?
- Will we have enough money to complete the renovation work that needs to be done?
- Will the stress of buying a new home, and then spending a lot of time and money on the renovations be too much for our relationship?
- Do we have realistic expectations about this project? This may not turn out to be the quick and dramatic transformation that we’re used to seeing on reality television.
Read more about the advantages and disadvantages of buying a fixer-upper at this link: