Buying a new home is a major decision that requires a lot of careful thought and research to be put into it. If you have decided to buy your own home, you must have put in a lot of effort to find out what will be the best fit for your budget, means, and preference based on family requirements. Does everyone buying a new home go for a brand-new apartment, or do they also often opt for the home that needs some TLC? Let us find out which one bears true.
A home that needs a boost in the overall way it looks/ performs is often referred to as a “fixer-upper”. Usually, taking care of such a project demands a lot of conscious effort, time & patience. Not only does it need to be overseen personally, but you also need to be in touch with contractors (independent ones) so that you can choose to hire more people to expedite the entire process from beginning of the renovation up to the very end if absolutely necessary.
For anybody who is willing to invest a smaller amount of capital in real estate, secondary property, including ones that are fixer-uppers, are hidden gems. If that particular property is in a coveted location, such as Motijheel, Tejgaon and Gulshan/Banani for commercial, and Dhanmondi, Baridhara, Gulshan and Banani for residentials areas. A lot of time, this particular investment decision is influenced by our budget, and where we will need to allocate it in real-life. For example, if the buyers of a fixer-upper have younger school-going children, then the home they choose will need to be in close proximity to the school zone, followed by closeness to all amenities possibly necessary for a family to function regularly. On the other hand, elderly couples will look for hospitals/ clinics nearby, as well as supermarkets and other such necessities.
There are many of us who want customized sections in an apartment, something which most developers do not allow the luxury of. In such cases, buying a fixer-upper will definitely be fruitful, allowing you to explore the world of home redecoration/ renovation. Finally, if you wish to resell the home at a profit, renovation is the ultimate solution that will offer you optimal results. There are some key points that will need to be considered when you have decided to invest in a “fixer-upper”, for example:
- The building’s condition will have to be good enough to survive the entire remodeling, meaning that it cannot be so old that it needs complete rewiring, which can not only be greatly expensive, but also be extremely time-consuming–something you will need to think of before you jump headfirst into the project.
- All planning permissions to be taken from concerned authorities will need to be arranged prior to the work being started on renovating the project.
There are a number of reasons why buying a home needing renovation is a great idea. However, like all great ideas, it has its limitations. Your budgetary considerations, preference of location, sustainability and chosen developer will need to be very well-planned, as these together will influence what kind of a home you finally choose to invest in. Just remain calm and composed, and no doubt you will be able to contribute to redesigning/ remodeling a great fixer-upper at your earliest convenience.
