Q: Marsha, my wife and I want to purchase a home in a particular school district. The homes are super pricey and going up quickly. There are some fixer-uppers that become available from time to time. What’s your view on buying a fixer?
A: In real estate, there are three variables that constantly interact to create value for the home. These factors are condition, price, and location. In your case, the school location and price are important. That means you’d consider purchasing a fixer-upper in your desired location and price range. There are pros and cons to buying a fixer versus a move-in-ready or turn-key home.
It’s clear that you are not an investor buying a home in poor shape simply to “fix and flip.” You’re going to live in the home. You are willing to buy a home in need of love and renovation to get the location you want. Your improvements will increase the home’s value, and you’ll realize a gain when you move. Most buyers want homes in good to excellent condition.