Let’s be honest—affordability is no joke right now. But don’t let that stop you from chasing your dream of owning a home! If you’re open to a little elbow grease (or hiring someone who is), a fixer-upper might be the perfect way to make it happen.
Here’s what you need to know about buying a fixer-upper and why it might be a smart move for buyers in the Kansas City area.
What’s a Fixer-Upper, Anyway?
A fixer-upper is a perfectly livable home that could use some love. It might need cosmetic tweaks, like tearing down that vintage wallpaper or replacing outdated flooring. Or maybe it calls for bigger updates, like a new roof or a plumbing overhaul.
While these homes need some TLC, they come with some major perks:
- Lower Price Tags: According to StorageCafe, fixer-uppers are typically cheaper upfront—on average, about 29% less than move-in-ready homes. That’s a big win if your budget is tight.
- Less Competition: Most buyers are drawn to turnkey homes, so you’ll face fewer bidding wars when making an offer.
- Faster Equity Growth: You get to call the shots on design decisions, and smart upgrades can quickly increase your home’s value. That means more equity for you in less time.
As The Mortgage Reports puts it: “If you’re a house hunter who’s not afraid of sweat equity, buying a fixer-upper could be your ticket to homeownership.”
Things to Consider Before Buying a Fixer-Upper
Sure, fixer-uppers sound exciting, but let’s keep it real—there’s work involved. Here’s what to think about before jumping in:
Have a Plan
Be honest with yourself about what you can handle. Do you have the time, skills, or budget to take on renovations? Decide what you can DIY, what needs a pro, and if living in a construction zone for a bit is doable for your lifestyle.
Prioritize Repairs
Rome wasn’t built in a day, and your home doesn’t need to be either. Tackle the most important upgrades first and space out the rest based on your budget.
Location, Location, Location
Your fixer-upper should be in a neighborhood where home values are trending up. Look for areas in Lee’s Summit or Kansas City that offer great amenities like parks, restaurants, and schools—it’ll pay off in the long run.
Get a Home Inspection
A thorough home inspection is non-negotiable. It’ll reveal what needs fixing, how much it might cost, and whether the house is worth the investment.
Budget for Surprises
Renovations rarely go 100% according to plan. Build a financial cushion for unexpected costs like pricier materials or extended timelines.
Explore Financing Options
Renovation loans are available for homes that need some work, but they have spending and timeline rules. Chat with a lender to see if this type of mortgage works for you.
Is a Fixer-Upper Right for You?
Fixer-uppers aren’t for everyone, but they can be a golden opportunity if you’re willing to put in the effort. With the right strategy, you can turn a less-than-perfect house into the home of your dreams—without blowing your budget.
Ready to dive into the world of fixer-uppers? Let’s make it happen! Call or text Merla Turner at 816-328-2887 or fill out the handy form below.
Hi! I'm Merla Turner, owner of Great Missouri Homes and a local Kansas City area Realtor. Thank you for reading this article. If you have any questions, suggestions, or ideas, call me at 816-328-2887 or fill out the contact form below, I am here for you. And remember - when it's your turn to buy or sell real estate, turn to Merla Turner!
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