By Dorothy Edison
You may be wondering why you would buy a house that needs a little bit of rehab. Sure, houses that are move-in ready don't have the problems that a fixer-upper might - like an old roof, a dilapidated porch, or dirty shag carpeting. They might be in good condition by all appearances and appraisals with the little luxuries that make new houses appealing. However, fixer-uppers are often the better choice in so many ways.
Price
The most obvious advantage to purchasing a house that needs work is the price. Often, the price will reflect neglect and necessary repairs. Purchasers may even be able to negotiate a selling price lower than list price of the house depending upon how motivated the seller is.
Quality
Your fixer-upper might be one of those charming old houses that has stood for a hundred years - and will withstand another hundred. Older houses are bound to need some repairs. Drafty windows, old-fashioned heating and cooling systems, and outdated kitchens and bathrooms can turn many buyers away from purchasing one of these gems.
However, these houses are perfectly good houses. They just need to be brought up to current style, safety, and energy standards. You won't find beautiful hardwood floors, charming nooks, and spacious dining areas in standard newer houses. Old houses have personality and were built to last - once you get past the updating process, the house you'll have will be your pride and joy.
New houses - especially prefab "custom" or "designer" homes - are often shoddily put together in a manner that does not reflect the price. You may have high ceilings that mimic luxury, but paired with the thin walls, anything that goes on in one room can be easily heard in the other side of the house. You may have beautiful, spacious bathrooms, but the countertop may show its poor craftsmanship within the year. And that private back yard? Just wait for that new development set to go in!
Personality
I've already mentioned the personality of the older house. Communities that grew up at the turn of the century built houses that were similar in style and size to the surrounding houses, but they were not the same cookie-cutter Levittown monstrosities that are so popular today. New communities have houses that might not need even a light bulb screwed in - but who wants to live in a house that is the mirror image of the one across the street?
When deciding if purchasing a fixer-upper is right for you, weigh the costs versus the benefits. Have a reputable appraiser give you an idea of the necessary repairs and their costs. Chances are you'll get a house that you'll love a whole lot more for a whole lot less than a new house in a new development.
© Doityourself.com 2006
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My husband and I bought an "FU" 25 years ago. The plus side is that old houses have a soul. Most people who walk into our house comment on how much they like it, warts and all. The down side is that there is always something to do. Here's the litmus test: do you like browsing in hardware stores? If this fascinates you, go for it! The truth is you can do most things yourself, but this is irrelevant it you don't like this kind of hands on work.