The Pros and Cons of Buying a Fixer-Upper in Las Vegas

Guest Blog By: Lisa Roberts

Buying a home, either in Las Vegas or pretty much anywhere else in the world, is a stressful and complex process. And, if you are on a tight budget, things will get even tenser. So, to avoid this feeling of tension, many people opt for fixer-upper homes rather than buying a top-notch one or even building one from scratch. However, some people purchase fixer-upper homes for other reasons – their love for DIY or the desire to completely personalize their new home.

 Whatever your reason for considering a fixer-upper home in Las Vegas is, be sure to know what you are getting into. Remember – wherever there are pros, there are also cons. We are here to share with you all the pros and cons of buying a fixer-upper in Las Vegas that you need to know. 

What is a Fixer-Upper Home? 

First things first – terminology! A fixer-upper can be either a house or an apartment in bad shape. In most cases, these kinds of homes require a lot of cosmetic improvements. But, some homes will need structural modifications and a lot of maintenance work too!So, why do people buy fixer-uppers? Because of their relatively low price. Some people need to cut corners because of their tight budgets. Some do not mind living in outdated homes. And some are interested in buying a home to remodel it and prepare it for sale to make a profit. But, just as previously mentioned, one thing is for sure with fixer-uppers – buying a home that is run-down, outdated, or abandoned will require a lot of TLC. 

Pros of Buying a Fixer-Upper

One of the main advantages of buying a fixer-upper is a lower purchase price – the overall list price and the down payment will decrease the most! When all of this is combined, you will have a lot more money for remodeling and renovations in your budget.

Moreover, you will be able to save money you would otherwise spend on ‘competition.’ Namely, there is a lot less competition for fixer-upper homes, so this will allow you to buy a home that you like at a great price without bidding. 

The second most important pro of buying a fixer-upper is a chance to customize your home completely. You will have the utter freedom to do anything you want. For example, the lack of storage space is a common household issue. So, if you need extra space for household items, you can create your own storage room. If you need a spare bedroom, you can convert the attic.

You are renovating anyway – so why not make it perfect for you and your needs? Since you are in charge, you can be the architect and the designer of your new home. You can choose the colors and the materials; you can do anything you imagine. 

Cons of Buying a Fixer-Upper 

And, now, let us turn to the cons of buying a fixer-upper. Maybe one of the most critical downsides is the fact that budgeting can quickly turn into a nightmare. No matter how much you tried, you can never come to an accurate number of how much those renovations will cost you.

What is more, with fixer-uppers, there are always hidden costs and unexpected issues that may end up forcing you to spend a lot more than you planned. Yes, with this kind of home, you may have an opportunity to install many eco-friendly features of modern luxury homes. But, you may not have the money for it in your budget because of all the renovations you hadn’t considered when you bought the house, like electricity, piping, roof, outdated appliances, non-existent lighting fixtures, etc. 

Another disadvantage you should consider when planning to buy a fixer-upper is that its reconstruction, remodeling, and renovations can last for months, even years. This is usually because of all those unexpected issues mentioned above. So, keep that in mind, and do not book your movers yet! You can find movers you like by browsing through USA Moving Reviews anytime you want. 

So, What Should You Do?

At the end of the day, it is all up to you. One thing is for sure – there are a lot of fixer-upper homes in Las Vegas, and the market there still thrives despite all the problems the world and the economy are facing right now. So, whatever you are looking for, you will be able to find. 

But, if you do encounter some difficulties finding that ‘perfect’ fixer-upper, you can always consider hiring a real estate agent. A professional of this kind is the only one who can help you find a home that suits your needs and budget. And, speaking of hiring, it would also be a good idea to hire an inspector or a contractor to examine the home before you buy it. These trained and experienced professionals will see things that you do not, thus saving you a ton of money later on. 

Finally, listen to your heart! Try to envision yourself living in a particular home before buying a fixer-upper in Las Vegas. Moreover, be sure that you are ready to spend a lot of your time, energy, and of course, money on your new home as it will need it. In the end, consider everything and buy a home that suits your needs and your budget the most.