I would like to welcome you to my comprehensive Alaska real estate website. You'll find information on buying and selling in Anchorage, Wasilla, Eagle River, Palmer, Girdwood, and Chugiak.

Before Taking on a Fixer-Upper Right Now Consider These Current Issues

Dated: January 6 2021

Views: 233

Fixing up a property can be a fun, fulfilling experience for many homeowners. But fixer-uppers can be challenging in the best of times—and with some of the challenges in today’s market, this doesn’t exactly qualify as “the best of times.”

recent article from realtor.com outlined some of the reasons why now might not be the best time to buy a fixer-upper property, including:

  • Material costs are high… The pandemic has created a high demand for home renovations, which has sent the prices for materials through the roof, doubling—or even tripling—in many cases. So, the renovations that you need to make on a fixer-upper property? They’re likely to cost significantly more than they would have at this time last year.
  • …and crews are busy. The demand for home renovations also has many contractors booked out for months—which means that, if you buy a fixer-upper, you could have to wait a significant period of time to start tackling projects.
  • There’s a higher risk for issues. Any property could have issues you don’t notice on your initial viewing—but the risk of safety, environmental, or inspection-related issues is much higher for older homes that need a lot of work.

The Takeaway:

Bottom line? There are definite challenges associated with buying a fixer-upper in today’s real estate market—and buying a new construction or a newer home with fewer necessary repairs is probably going to be a safer bet. But if you’re set on making a fixer-upper purchase? Talk to your real estate agent. They can help you better understand the challenges associated with buying a fixer upper—and help you get a plan in place for navigating those challenges.

Blog author image

Yvette Belisle

I am a lifelong resident of Alaska and have lived in the Anchorage area for over 26+ years. I grew up in the Anchorage bowl and have knowledge of many parts of the city which have added in aiding my c....

Latest Blog Posts

Ways Homeowners Can Use Their Equity

4 Ways Homeowners Can Use Their EquityYour equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past.

Read More

Home Sales Are About To Surge. We May See a Winter Like Never Before!

Home Sales About To Surge? We May See a Winter Like Never Before.Like most industries, residential real estate has a seasonality to it. For example, toy stores sell more toys in October, November,

Read More

Selling Your Home? You’ll Likely Get Multiple Strong Offers This Season

Selling Your Home? You’ll Likely Get Multiple Strong Offers This SeasonAre you thinking about selling your house right now, but you’re not sure you’ll have the time to do

Read More

Things Every Renter Needs To Consider

4 Things Every Renter Needs To ConsiderAs a renter, you’re constantly faced with the same dilemma: keep renting for another year or purchase a home? Your answer depends on your current

Read More