Current studies are showing a disturbing trend among first-time homebuyers. Compared to just ten years ago, today’s first-time homebuyers are not as likely to consider the “fixer-upper”. Surveys show that many first-time homebuyers state that “affordability” is their number one concern, but at the same time also consider the “move-in condition” of the home to be very important as well. Only seven percent are considering the smaller, fixer-upper home. Experts want to remind first-time buyers that homes that may only need basic face lifts such as fresh paint, carpet, landscaping or even just window treatments can come with very large savings.
Experts now strongly suggest purchasing that fixer-upper as a way to build equity over time, and then later moving up to a second-stage home, which may then meet “move-in condition” expectations. Some pluses to ponder purchasing a fixer-upper are that many sellers of this type of home are generally more interested in selling quickly, than by making a huge profit. Also, good savings may be found on homes that have been listed for over ninety days, homes owned by long-term owners, and house-flipping investors that may be eager for a sale.
