The pros and cons of buying a fixer-upper in Monterey

Everyone knows at least one person who spends all of their free time working on their “affordable” fixer-upper. There are particular charms about working hard and fixing something in order for it to become your perfect home. And as such many decide to try it. But at the end of the day, not all houses are worth it and not everyone can do it! There are many cases in which the house didn’t end up as the owner imagined. And even more, cases where the owner at the end of the day only ended up with a half-finished home and debt. But in case you were thinking about moving to Monterey California, and finding your new home you should first know some of the pros and cons of buying a fixer-upper in Monterey.

Is buying a fixer-upper in Monterey a good idea?

First of all, what is a fixer-upper? A fixer-upper is a home(usually older) that needs significant repairs before it can be used. These types of homes usually have beautiful aesthetics or architecture and have been empty for some time. Especially in a city like Monterey, along the sea coast with gorgeous scenery and nice neighbors these homes that are actually quite cheap look like a no-brainer. But are fixer-uppers for everyone? Arranging Monterey moving services must wait until you first repair and renovate everything which is not good for people that are in a hurry. So what are the pros and cons of buying a fixer-upper in Monterey?

Old fixer-upper before geting repaired and renovated
Sometimes we can strike gold finding a beautiful home with character in need of light repairs for a chap price!

Pros of a fixer-upper

Starting from your personal taste all the way up to the freedom you get in decorating and ranging the home, a fixer-upper has many pros. Of course, choosing to buy and renovate a fixer-upper is something that highly depends on your personal tastes.  As well as budget and available time before the move. Some of the most mentioned pros of buying a fixer-upper in Monterey are:

  • Lower prices
  • Investment Freedom
  • Risin home value
  • Better neighborhood

Lower prices

One of the biggest pros when buying a fixer-upper in Monterey is the low prices that these homes usually go for. Being older homes, as well as in need of repairs and renovations significantly lowers the market price. Although you will eventually need to fix everything before hiring local movers Monterey in order to move, sometimes it is more affordable to fix than buying a completely new home.

Investment Freedom

You see when people buy a fixer-upper in Monterey that home comes with certain charms. Be it certain architecture or room arrangments, high walls, and so on. It is yours to decide if you will keep it that way, or redecorate it. And depending on your personal taste and preferences you can invest your money freely. A dream kitchen that you will knock down walls for, bigger windows, and so on. Everything is in need of renovation so why not use it to its fullest?

A renovated fixer-upper ready for people to move in
You can renovate your home as much as you want before moving in! As long as you have the budget for it.

Rising home value

Did we mention that these homes are actually quite cheap? When comparing their prices with the normal ones there are noticeable differences. But did you know that after working on that home you are also investing in your future? With every repair, the value of your home will go up. Meaning that in the future if you ever outgrow it or decide to move into a new home you can sell it for a lot more than you actually spent buying it. 

Better neiborhood

Do you know what is the best-kept secret in the real estate industry? When looking for a home to buy, never settle for the best home in a bad or mediocre neighborhood. Always go for the worst home in a good one. Buying a fixer-upper in Monterey’s best neighborhood will add on top of the renovations and make your home even more expensive over time. And not only that, but the area’s reputation can also influence the price.

Cons of buying a fixer-upper in Monterey

Of course, if there are pros of f buying a fixer-upper in Monterey, there will be some cons as well. Although there are significantly more pros, the cons cant be taken lightly. So having a proper conversation with your family, will go a long way. As well as taking some time to think about it and weighing the weight of those responsibilities. You can always call Monterey CA movers but before you do be sure your decision is the best choice.

Money for buying a fixer-upper in Monterey
If you are buying a fixer-upper in Monterey, make sure that you have a budget big enough for renovations and repairs as well.

Money

No matter what your starting budget is for buying a fixer-upper in Monterey and fixing it up, it will probably not be enough. Be ready for new expenses. You will constantly find new things that need repair or will get new renovation ideas during the process. And the renovation costs can go from not so much to quite a lot. In most cases, the starting budget will not be able to cover everything and that is why people usually either dont finish their homes, or it takes them too long.

Time

People that buy a fixer-upper in Monterey know that they will not get it ready to move in fast. Fixing a home and getting it ready for living is a process that needs time. Mainly due to the weather, unforeseen damages and repairs, worker availability, and so on. Sometimes it can even take years! Especially so for the people that run out of money and have to freeze all work being done for the time being. Sometimes people even give up and leave the homes unfinished or decide to resell them.

Not what I imagined

We tend to have specific ideas about how our homes should look like. And sometimes we can’t really afford all of it and have to improvise, or we dont have room for those ideas. That means that even after investing both money and time the end result might not be to our liking. Although this doesn’t often happen from time to time if you cut corners it can. So if you decide that buying a fixer-upper in Monterey is your cup of tea, at least plan it out well and have a stable budget for investments.

In short

This might not be the best option for everyone. But buying a fixer-upper in Monterey does have its bright sides as well. If you are someone ready to invest a lot of money as well as time this won’t really be hard for you. As long as you go one step at a time, and dont expect everything to be done in a month it will be done nicely. Rushing things, starting projects with no funds for them, and jumping in blind are some of the most common things people do and fail when faced with fixer-uppers. So avoid making those mistakes and everything will be fine.

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