Buying homes in Boston, Providence, and Hartford can feel like looking for a needle in a haystack. You’ll see everything from condos that cost a half-million dollars to 2-bedroom bungalows tucked into historic neighborhoods. New England is beautiful, but getting into the real estate market can be a challenge. Finding homes in certain neighborhoods is very competitive, and they often have lower inventory than other parts of the country. It’s already jam-packed with homes, so it’s important to consider all your options when you look for homes in the I-95 corridor. One thing that more and more home buyers are open to is buying a fixer-upper.
Shows on HGTV have popularized this trend and made it seem easier than it really is, but the truth is, with the right team of people in place, almost any home can be transformed. There are many reasons to look for a fixer-upper, and here are the top ones.
Instant Equity
Finding a less-than-perfect home in a good neighborhood and making the right changes gives you instant equity. You can sometimes even get more back than you put into it during the renovations. This equity helps, especially during times when the market is down. You wouldn’t be upside down in your home loan and could leverage the equity in the house to pay off other debts, purchase a second home, or make money from when you go to sell down the road.
Get Into a Desirable Neighborhood More Affordably
Families are especially concerned with the quality of a neighborhood. Parents want their children to go to good schools and be safe in a neighborhood. They want to be able to send their kids out to play and trust that they will be okay. Sometimes your budget and your needs don’t match. A Boston real estate agent could help you find those diamonds in the rough. They could be an asset to help you find homes that need some work, but that will get you into that school district you want within your budget.
Preserve the Character of an Older Home
Modern homes are beautiful in their own right. They have high-tech features and often look clean, sleek, and luxurious. But the quirky and artistic touches in older homes have a charm and appeal all of their own. In New England, these older homes are abundant. From townhomes to little houses in the woods to tenement housing, there are countless historical options in New England. While some are still in excellent condition, others, unfortunately, had to be torn down and replaced with newer houses.
By purchasing a fixer-upper, you can take the care to preserve some of the ornate features in the home. Doorway trim, carved doors, and grandiose staircases are just some of the details you might find in a historic home in New England. You might find a bathroom with a genuine clawfoot tub that just needs to be cleaned, sealed, and put in a new bathroom. You might find old tiles that are so unique that they can’t be found in any other home. In the process of remodeling, you’ll uncover layers of beauty in these older homes. You can marry the old with the new in fun ways to preserve the character of the original home while also modernizing and updating where needed.
Add Your Own Touches
Buying a home that needs repairs means that you get to add finishes, flooring, colors, and textures that you love. While it’s great to move into a home that’s already finished, it also means that over time you’ll need to make changes for it to reflect you and your personality. Fixing up a home means that you’ll put in the colors, flooring, and details you love as you go. It also means you can add luxurious features that make life more comfortable.
Make Money Flipping
Another reason to buy fixer-uppers in New England is that you can make money. Getting that instant equity is a great way to make some extra cash on the side. Finding homes in disrepair, buying them, then making the necessary fixes can put you in a great position to sell and make money when the house is done. The important thing when you’re going to buy a fixer-upper is to go into it with your eyes wide open. You’ll want an inspection and estimates from contractors for major fixes. This gives you a lot of information so that you can make an informed decision about the house.