For most people, the home is a sanctuary, a haven, and a place where you can be yourself. Therefore, a lot of people are deliberate about where they get as a first home.
Aside from the immense peace of mind you get as a homeowner, there are other reasons you should consider a fixer upper as your first home. Read on to find out what is a fixer-upper and why you should consider one as your first home.
What Is A Fixer Upper?
The term “fixer-upper” is a real estate jargon that describes a house that needs some major renovations or fixing. This renovation is to either restore the home or give it a completely new structure and design.
These houses are usually sold at a reduced price compared to the market value of new houses or properties that don’t need any renovations. The concept of getting a fixer-upper home is not new. In fact, today’s real estate agencies leverage on fixer-upper houses to make maximum profits.
Reasons Why You Should Consider Getting A Fixer Upper As A First Home
1. It Is the Fastest Shortcut to Home Ownership
Acquiring a full-fledged house can be quite challenging and expensive. It’s advisable to go for a fixer-upper house if you’re considering getting your first house. This is because getting a fixer-upper house is not as rigorous as buying a new house or used home.
As a first timer, all you need to become a homeowner is to locate a building that has not been in use for a while and needs renovation. You’ll have to pay a token for it and then reconstruct such a house to your taste.
The house becomes yours the moment you pay for it. This makes a fixer-upper house the fastest way to own a home. However, you must be careful when choosing this type of house.
You may need professional help and advice from architectural firms like Sweebe architecture to assist in procuring the house and analysing the building’s structural integrity. It will also help you decide if you can afford the costs of renovating the house.
Let’s face it; acquiring a house is not only tedious but expensive. It is why most people can’t afford to own any property until they are quite old. However, you can get a house at a young age, if you decide to go for a fixer-upper.
You can become a proud homeowner without spending a huge fortune. In fact, it’s advisable for young people between the ages of 20 and 40 to shop for fixer upper homes when buying their first homes, to save themselves from paying unnecessary mortgages.
When you analyse the amount used to purchase a fixer-upper and renovate it to your taste, you’ll discover that it’s still way cheaper than the cost of buying a new house that doesn’t need any improvements.
3. You Can Redesign to Your Taste
Most fully constructed homes come with specific ready-made designs. These designs are solely based on the prerogative of the architectural firm. Often, the pre-designs don’t match with the unique personality of the homeowners.
However, choosing a fixer-upper allows you to do your home designs and transform your home to your taste. This is another reason you should consider a fixer-upper house instead of buying a pre-designed home.
4. It’s Exciting!
If you’re a lover of adventure, you’ll enjoy the whole process involved in buying a fixer-upper as your first house. Renovating the property can be an exciting journey that creates a bond between you and your home.
Most young couples have been able to build their relationship into a stronger one by spending time together to work on renovating their first house together.
Even older couples can also revive their relationship and bond by working together to fix their new house. The sheer fun and excitement that accompanies acquiring and renovating a new house is enough motivation for getting a fixer-upper as your first home.
5. Reduction in Property Tax
The possibility of tax reduction is another good reason to consider a fixer-upper home. Most state laws determine the yearly property tax on a home based on the quality of the house at the point of purchase.
When you buy a fixer-upper house, the value of the property is relatively low. Consequently, it attracts a low property tax, that’s most likely not to be reviewed after reconstructing the house.
You don’t have to waste time trying to find a ready-made house that fits your budget. A fixer-upper home is your best bet, if you are looking forward to buying your first home. It’s cheap, and you can renovate to your taste. It’s also an opportunity to create a bond between you and the house and even strengthen your relationship with loved ones. What’s more, with a fixer-upper home, you can avoid hefty property tax and mortgage payments.