Are you planning to buy a property in London? You may opt for a new home or an older home with the amenities of a newer home. Buying a doer-upper or fixer-upper is a sound investment decision in the highly competitive housing market. And there is nothing quite like fixing a rundown property up to your style and taste.
A home that gives you the space to live and love life is worth the repair and renovation work. Your search for a serene and spacious space ends with a fixer-upper that is crafted to your unique needs.
Whether you are an aspiring real estate investor or a seasoned house hunter, here are key reasons to consider investing in a fixer-upper:
An asset at a lower purchase price
A fixer-upper is a great choice if you are on a tight budget and cannot afford a ready-to-move-in home. You may have to spend some time and money on maintenance work, but it is worthwhile to purchase a house that is available at a lower list price.
Less competition for a fixer
Generally, there is less competition for fixer-upper homes. If choosing a property “off the shelf” is not an option, consider buying a fixer that is available within your budget. Later, you can customize your home and remodel it to your liking.
A wealth-building asset
A fixer-upper is typically priced lower than a new home. So, you may want to buy one in a good location. Over time, a fixer-upper will help you build wealth in a desirable neighbourhood or an up-and-coming neighbourhood with a higher median home value.
Creative freedom and flexibility
Let your creativity shine. A fixer-upper gives you the much-needed flexibility and freedom to take on a home renovation project and creatively execute your vision. It is an enriching experience to design and renovate your home the way you want.
Smart home renovation
When it comes to renovating your fixer-upper, you are in charge. Smart home renovation demands your time and money. Imagine transforming an old property into a contemporary home with your personal touch!
A higher profit margin
If you do your research on a fixer-upper and invest your money the right way in renovating it, you could gain a higher profit margin when you plan to sell it.
Less property tax
A fixer-upper home is typically 8% below the market value. Investing in a fixer-upper can reduce your property tax amount because property tax is calculated on your home’s sale price.
Property prices continue to rise like never before in the real estate market. Therefore, it makes sense to invest in a fixer-upper that could be the best option based on your budget, lifestyle, and preferences.
However, doing your research on a fixer-upper is recommended before going ahead with the all-important investment decision. You would want to avoid costly and time-consuming renovations and an uncertain financial bottom line.
Need expert advice on buying a house? Our property experts have the expertise and experience to help you find your next home. Get in touch with the London property developers for bespoke sales, lettings and property management services.