Should You Buy a Fixer?

by | Nov 4, 2012 | How to Guides, Uncategorized

Everyone wants to get a good deal when they buy a home but is buying a fixer the best way for you to win the real estate game? Here to talk about the pros and cons of buying a fixer is real estate expert Nick Krautter from Keller Williams real estate and sellpdx.com

Q. Is a fixer a better deal?

A. Most of the time the answer is yes but there are two major things to consider, does it fit your needs and time frames and what is your financing situation?

Q. Is it harder to get a loan for a fixer?

A. Yes, the best deals are fixers that are cash only because they will not finance. There are rehab loans for owner occupied properties that give the buyer the loan to purchase and a rehab budget. For investment property it gets very difficult if it needs more than cosmetics.

Q. What did you mean when you mentioned a buyers needs and time frames?

A. I mean that if you need to move into a home and start living there immediately a fixer is likely the wrong choice. It can also be very stressful to live in a home that is being remodelled. Make sure you consider the quality of life as well as the financials.

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