By: Jake Arky
Are you thinking about buying a home in Michigan? If so, you might be considering a fixer-upper. These houses that need some work can be a great deal, but they also come with their own set of challenges. Let’s explore the good and bad sides of buying a fixer-upper in the Great Lakes State.
What’s Good About Fixer-Uppers?
Fixer-uppers can be a great choice for many reasons. First, they’re often cheaper than move-in ready homes. This means you might be able to buy a house in a neighborhood you love, even if you thought you couldn’t afford it. You can use the money you save on the purchase price to fix up the house just the way you want it.
Another plus is that you get to make the house truly yours. When you buy a fixer-upper, you’re not stuck with someone else’s design choices. You can pick your own colors, materials, and styles. This lets you create a home that really fits your taste and needs.
Fixer-uppers can also be a good investment. If you do the work right, you might be able to sell the house for more than you paid for it plus the cost of repairs. This is called “sweat equity” – you’re putting in your own time and effort to increase the value of the house.
Josh Weston, Real Estate Investor, MittenHomeBuyer.com, shares his experience: “I’ve been flipping houses in Michigan for over a decade, and fixer-uppers have been the backbone of my business. I remember my first project in Grand Rapids – a rundown bungalow that needed everything from a new roof to updated plumbing. It was a challenge, but after four months of hard work, we transformed it into a charming family home. We ended up selling it for 40% more than our total investment. That project taught me the immense potential in these neglected properties. Now, I always tell new investors: with the right vision and a solid plan, fixer-uppers can be goldmines.”
What’s Not So Good About Fixer-Uppers?
While fixer-uppers have their benefits, they also come with some downsides. One of the biggest is the amount of work involved. Fixing up a house takes time, money, and often more skill than you might think. If you’re not handy or don’t have a lot of free time, a fixer-upper might not be the best choice.
Another issue is that you often don’t know what you’re getting into until you start the work. A house might look like it just needs a fresh coat of paint, but once you start working, you might find bigger problems like bad wiring or a leaky roof. These surprises can quickly eat up your budget and timeline.
Speaking of budgets, it’s easy to spend more than you planned on a fixer-upper. Even if you’re careful with your money, unexpected issues can pop up. You might also find yourself wanting to make upgrades you didn’t originally plan for, which can add to the cost.
Living in a construction zone can be tough, too. If you’re planning to live in the house while you fix it up, be prepared for dust, noise, and general chaos. This can be especially hard if you have kids or pets.
Sarah Johnson, Home Renovation Expert, MittenHomeBuyer.com, offers her insights: “I’ve guided countless homeowners through fixer-upper projects in Muskegon, and I always stress the importance of a thorough inspection. Last year, I worked with a couple who fell in love with a Victorian-era home. At first glance, it seemed like a dream project. But our inspection revealed extensive termite damage that nearly doubled their renovation budget. We managed to salvage the project by adjusting our plans and focusing on essential repairs first. This experience reinforced my belief that in fixer-uppers, knowledge truly is power. Always expect the unexpected and budget accordingly.”
Making Your Decision
So, should you buy a fixer-upper in Michigan? The answer depends on your situation. If you’re handy, have some extra cash, and are up for a challenge, a fixer-upper could be a great choice. You might end up with a beautiful home that’s worth more than you paid for it.
On the other hand, if you’re short on time, don’t like DIY projects, or want to move in right away, you might want to look for a move-in ready home instead. Remember, there’s no shame in wanting a house that doesn’t need work – it’s all about what’s right for you and your family.
If you do decide to go for a fixer-upper, make sure you do your homework. Get a good home inspection, estimate repair costs carefully, and be prepared for surprises. It’s also a good idea to have some extra money set aside for unexpected issues.
Michigan can be a great place to buy a fixer-upper. The state has a lot of older homes with character, especially in cities like Detroit, Grand Rapids, and Ann Arbor. These houses often have great bones and just need some TLC to shine again. Plus, Michigan’s relatively low cost of living means you might be able to afford more house than you could in other states.
Whether you choose a fixer-upper or a move-in ready home, the most important thing is finding a place that feels like home. Take your time, do your research, and don’t be afraid to ask for help from real estate professionals. With the right approach, you can find a great home in Michigan that fits your needs and your budget.
Published by: Khy Talara
