What are fixer-uppers?
A fixer-upper refers to a property that needs repairs, updates, or renovation. These properties are often sold at a lower price than similar properties in the same area that are in good condition.
The term is primarily used in the real estate industry. It can refer to homes, apartments, commercial properties, and other types of buildings that require work to be livable or functional.
The term fixer-upper is often used to describe properties that are being sold “as-is” or “with potential, ” meaning the buyer is aware that the property requires work and is willing to invest time and money into renovations or repairs.
Buying a fixer-upper can be a great way for a person to own a property that they can renovate and make their own. In addition to building equity, this can also provide you with the opportunity to earn a high income from your home or rental property. Fixer-uppers can be a good opportunity for investors and builders to buy them at a lower price and resell them at a profit.
However, it’s important to be aware that purchasing a fixer-upper can come with a lot of work and many unknowns, it’s important to evaluate the property, get a home inspection, and have a general idea of the costs of renovations and repairs. This process can be time-consuming and sometimes costly, so be prepared to invest time and money in the property before moving in.
💡 Thinking about investing in fixer-uppers to start a vacation rental business? Download our free business plan here.