There are many merits and demerits of buying a fixer upper. You must weigh the pros and cons to make an informed decision. Invest only if you stand to benefit and if you are prepared to handle the challenges. Before we explore some obvious challenges, let us check out the pros and cons of buying a fixer-upper or renovators-dream.
The definite purpose of buying a fixer upper or renovating a property will determine if it is a wise choice. You must be able to capitalize upon your investment. However, none of that changes a few realities you would have to deal with. The renovation project is a daunting challenge. Things will get dirty, you would have to deal with a certain degree of unpredictability, costs may shoot through the upper limit of your budget, your plans can be in disarray, you would lose sleep and your lifestyle will be affected substantively. Be prepared for odd developments as renovation projects seldom tread the predicted path. Schedules may go haywire, things may fall out of place and there may be some rather unpleasant surprises.
