I’ve previously written a blog post on the positive perks of purchasing a fixer upper home in the Green Bay, Wisconsin. You can read that here.
But let’s Debbie Down this a bit and talk about the potential downfalls of a fixer upper home.
Hidden Costs – So you saved some money on the purchase price! All right! BUT, uh oh, you didn’t plan on the furnace breaking down a month later. Or the cost of carpet is – how much?!?
Move-in Date Gets Delayed…Again – You hired a painter to come in and paint the whole house, but he’s hit a snag and won’t be able to finish the job until a week later. Or maybe you decided it would be awesome to open up the kitchen and living room space by tearing down a wall, how long will that take you?
Real Life – You’re busy working your regular job, you know the one that will pay for your new mortgage, and well, after work hours is the only time you have to remodel your new home. Planning on taking down wallpaper at 9pm? Whether it’s work, your social life, or just LIFE in general, it’s hard to find time to actually get down to it on your remodeling job.
Permits/the Tax Man – Did you go to the city and get the correct permits you need? Do you even need permits for what you’re doing? If you did get permits, did the Tax man come and re-assess your house to increase your taxes?
All concerns, for sure. Just be sure to take into consideration the good, the bad, and the ugly when purchasing a home!