Young couples many times decide to not use real estate agencies and instead buy a fixer upper. They think that this is the best option. It’s cheaper and some feel that by getting this type of home, they will have their individualized ‘dream home.’ There are a lot of unexpected, overwhelming hurdles on this route that can put a tremendous strain on a marriage, which some can never fix. Here are just a few hurdles to overcome:
If you are not a master carpenter, plumber, electrician, and roofer, you may find that after you buy this property, you do not possess the skills to fix it yourself. No matter how much you try to learn online, nothing can fully replace the knowledge and experience of a trained professional. Over 80% of renovations are never finished because the owners lack the ability to complete the repairs or renovations. Too many times people end up stuck with what they bought without getting their ‘dream home,’ or anything even resembling it.
Long-term and Short-term Prices
Many first time or seasonal buyers prefer Blossoms by The Park to purchase a property that requires renovations with the long-term goal of saving money. To an untrained professional, however, the possibility of exceeding the long-term budget is high. The average price to fix up a house comes to twice the price you bought it for. That is not including the cost of labor and all of the inspections to get the property in line with government codes and regulations.
This place that you bought was meant to save you money and make your dream come true, but it can rapidly start depleting your bank account. What was supposed to be an amazing adventure for you and your spouse can rapidly turn into a money pit. You are aggravated with every new thing that breaks or needs to be fixed. Your spouse is aggravated because every time either of you try to bath, another pipe bursts, for example. Soon you are screaming and yelling at one other if you are not careful.