If you’re like many people, you’re wondering whether you should buy a house in Aspen that needs some work or buy one that’s in great condition. You may be able to save money if you buy a “fixer-upper,” as long as it’s not too bad – but is it the right choice for you?
Should You Buy a House That Needs Work?
Here are a few things to consider if you’re thinking about buying a home that needs work:
- Are you capable of fixing most issues yourself?
- If you can’t fix something, can you afford to hire a professional?
- Is the house currently habitable – at least to your standards?
- Do you know contractors and experts who can help if something goes wrong?
- What would you do if the house became unlivable?
- What is the rest of the neighborhood like?
When Not to Buy a House That Needs Work
If you answered “No” to one or more of the above questions, you may not be ready to buy a fixer-upper. Further, if the neighborhood is in decline – house values are dropping and it’s not the type of area you see yourself retiring in – it may be a bad idea.
What to Know About Fixer-Uppers
Most people don’t get back the same amount of money they put in when they sell. You’ll put in plenty of “sweat equity,” but that may not translate to financial equity should you decide to move.
Are You Buying a Home in Aspen or the Surrounding Communities?
We’d love to help you find your dream home here. Call us at 970-429-8275 or contact us online to let us know what you’re looking for so we can start searching right away.
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