It’s hard not to love Chip and Joanna Gaines of HGTV’s “Fixer Upper.” It’s even harder to stop daydreams of falling for your own fixer-upper after binging all five seasons of the show. Buying a fixer-upper could be a smart investment for some. For others, a house that’s move-in ready might be a better fit. Before you fall for a fixer-upper, keep in mind the following considerations.
Joanna Gaines often says they buy the “worst house in the best neighborhood.” This could be a really smart plan for your future investment. While you can always fix up a house, if it’s in a bad location, that could make selling difficult in the future.
Of course, a benefit to getting a fixer-upper is a lower up-front cost to close on the house. Keep in mind, however, you will need additional funds to make those renovations. The good news, however, is that Ruoff Mortgage offers a renovation loan to buy (or refinance) a home in need of repairs or updates and roll those costs into one simple home loan.
A fixer-upper is also great for someone who has always dreamed of specific finishes. If you know you’ve always wanted an open-concept layout with Carrara marble and herringbone subway tile backsplash for example, this could be a great opportunity to make your home exactly how you’ve always wanted it.
Renovations, depending on how involved they are, could take several months or more to complete. If you and your family need a home to be turn-key ready by a certain date, this is something to consider. Timelines aren’t set in stone, sometimes they could take longer than expected. You have to consider – is that a deal-breaker for you?
Consider your living space when buying a fixer-upper. Are the renovations needed so extensive you will need to live somewhere else while construction is going on? This is an additional cost to consider.
Ultimately, buying a fixer-upper is a personal decision. Consider what is best for you, your family, and your goals.
If a fixer-upper is part of your plans, contact a Ruoff loan officer to see how you can leverage Ruoff’s renovation loan to bring your vision to life.
At Ruoff Mortgage, we understand that buying a home is one of life’s biggest moments – not just as a financial decision, but a personal one. For more than 41 years, we’ve proudly helped families turn their dreams into reality. From our roots in northeast Indiana to now serving homebuyers throughout the Midwest, our focus has stayed the same: delivering exceptional service rooted in care, speed, and community. With an average 15-day clear-to-close time, our team is here to make your journey to homeownership as smooth and stress-free as possible. When you're ready to take the next step, we’re here to walk with you, every step of the way.