If you are anything like me (newly out of college with piles of student loans and ready for a place to call home), you may be looking at the current housing market with disdain. Unfortunately, the current market is not very friendly to people like us.
First-time home buyers struggle to find homes that fit their meager budgets. In 2021, home prices rose about 18% on average. Even the tiniest houses are selling for $300,000 to over $400,000. As a result, new homes that we used to be able to afford are now out of our grasp.
Before researching my options, I became worried that I would have to spend the rest of my life as a renter. Of course, there is nothing wrong with renting your whole life! But there is some satisfaction in knowing that your home belongs to you. You can make changes, updates, and expansions at any point, not worrying about having to get permission from your landlord.
So while new homes may be out of our grasp right now, fixer-uppers may be the place to start. A fixer-upper is typically a home that is run down, abandoned, not well maintained, or just plain old. Since homeowners have to put work into the house, these sell for cheaper than any new property. Any local real estate group will have fixer-upper listings ready to have someone put time, energy, and love into restorations. For example, one Lancaster real estate team, the David Wissler Group, has plenty of these listings for young homeowners looking to find the perfect fixer-upper. If you are sold on this idea and need a place to start, visit their website today.
But, all of this aside, why would someone buy a house that is nowhere near move-in ready? Is that a smart move?
First off, buyers of fixer-uppers can create a custom home. You have the option of completely gutting the inside, re-doing the outside, and putting your own personal flair into the house’s bones. Most renovations can be done by the homeowners themselves if they are willing to put the time and effort into learning and executing renovations. Then, of course, professionals will have to tackle plumbing, electrical, and structural issues.
There are ways to save money on your interior and exterior while also building the home of your dreams. Overall, if budgeted correctly, your fixer-upper would still cost less than the average new home. And fixer-uppers are excellent investments for your future.
If you plan to create your forever home through your fixer-upper, you can always keep adjusting your home as you grow. Or, you can sell the property and receive a much higher amount than what you first invested into it. Typically, the value of a home appreciates about 3-5% per year on average. Upgrading your home and adding modern features and personal touches will raise that percentage even more. So, when you sell, you will receive significantly more than what you paid initially and invested in renovations.
Overall, fixer-uppers are excellent choices for first-time buyers. The market isn’t competitive for run-down houses that need a bit of love, so you can buy your property of choice quickly and efficiently. Renovating a home means your entire heart and soul go into your property, and you will end up with a home you love.
Whether you are looking for fixer-uppers or new homes for sale in Lancaster, PA, count on the David Wissler Team to find the right home for you. As Lancaster County natives, David and his team are well-acquainted with the ins and outs of the Lancaster real estate market and pride themselves on their stellar real estate services that stem from years of experience. Your fixer-upper is just a click away. So get started on your future project with the David Wissler Team today.
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