Benefits of Buying a Fixer Upper in Springfield MO

One of the many questions people ask before they begin house hunting is whether or not they should buy a fixer upper.

While they’re not for everyone, there are several advantages to buying such a home. They include:

Lower Mortgage Payment

A fixer upper typically costs less than a home that is move-in ready or in need of only a few minor repairs. This means a lower mortgage payment, and what you save on the monthly premium can be used to make improvements.

Ability to Afford a Better Neighborhood

If there is a neighborhood that you have always wanted to call home but the homes are out of your price range, purchasing a fixer upper may allow you to do so.

Make It Your Own

It’s no secret that a fixer upper is often a lot of work. But it’s worth the time and effort as you can get exactly what you want. Buying a home for a lower selling price should allow you to have extra funds for things such as new floors and windows, replacing appliances, or even tearing down a wall or two.

Build Equity

After improving your home by making sound decisions, the value of your home will rise to the value of other properties in your neighborhood. Don’t remove a bedroom or bathroom without first asking a real estate agent. It can negatively affect the value of your home.

FHA 203k Loan

Those who purchase a fixer upper may qualify for a FHA 203k loan which is designed to help borrowers finance an older property that is in need of considerable improvements.

If you would like to buy a fixer upper in Springfield, MO, please contact us.

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