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: 229

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

What's Your Best Option: Moving or Refinancing?

Should I Move or Refinance?The level of equity homeowners have is at an all-time high. According to the U.S. Census, over 38% of owner-occupied homes are owned free and clear, meaning

Read More

Are Sellers Really Ready To Enter the Housing Market?

Sellers Are Ready To Enter the Housing MarketOne of the biggest questions in real estate today is, “When will sellers return to the housing market?” An ongoing shortage of home supply

Read More

Could Real Estate be a Better Investment Than Stocks or Gold?

Americans See Real Estate as a Better Investment Than Stocks or GoldLast month, in a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York noted that

Read More

How Much Should You Budget for Closing Costs?

Don’t Forget to Budget for Closing CostsWhen buying a home, it’s important to have a budget and make sure you plan ahead for certain homebuying expenses. Saving for a down payment

Read More