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5 Reasons to Buy a Fixer-Upper Instead of a Perfect Place

“Location, location, location” is the mantra when it comes to where to buy a home. But when it comes to what to buy, it gets a little more complicated. There is definitely a contingent who would insist that you would buy the best home you can afford. You don't have to go all Chip and Joanna here, but buying a fixer-upper makes sense for so many reasons .It costs less “Fixer-uppers list for an average of 8% below market value,” said LearnVest. “Fixer-uppers in Phoenix have the smallest cash discount, saving buyers just $1,000 off list price. Fannie Mae’s HomeStyle loan and FHA’s 203(k) loan both bundle a mortgage and funds for renovations. It gives you the opportunity to build value With an already-updated home, “If a seller has redecorated or improved the whole place, that seller is reaping the benefit,” said Forbes. Also, consider this reality: A seller who re-does a whole house in order to sell is not likely putting in the highest-quality materials. Taking your time to make updates as you’re able gives you the opportunity to save money and recover from all the expenses of buying the home and moving in. If you buy a house with the intention of fixing it up, you get to update and upgrade it to your standards, and you have the money to do so.