Looking to buy an apartment but feeling like almost everything is out of reach? Here’s the thing: there’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer-upper. Let’s dive into why buying a fixer-upper could be your ticket to apartment ownership in New York and how you can make it work.
What Is a Fixer-Upper?
A fixer-upper is an apartment that’s in livable condition but needs some work. The amount of work varies by property – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing plumbing or upgrading electrical systems.
Because they need some elbow grease, these apartments generally have a lower price point based on local market value. In fact, a survey from StorageCafe explains that fixer-uppers typically cost about 29% less than move-in-ready units.
That’s why, according to a recent survey, more buyers are considering apartments that need a little extra work right now.
If you’re looking for an option to get your foot in the door, and you’re willing to roll up your sleeves and do a bit of work, an apartment with untapped potential may be a good option.
Tips for Buying an Apartment That Needs Some Work
Before you buy an apartment that may need a makeover, here are a few things to keep in mind:
- Choose a Good Location:You can renovate an apartment, but you can’t change its location. Make sure the apartment is in a neighborhood you like or in an area with increasing property values and growing local amenities. This way, even after you spend money fixing it up, the apartment will be worth more later.
- Budget for Surprises:Fixing up an apartment can take more time and money than you might think. Make sure you set aside part of your budget for unexpected repairs or unknowns that may arise during the renovation.
- Get a Property Inspection:Before you buy, hire an inspector to check out the apartment. They’ll help you determine the necessary repairs so you don’t encounter expensive surprises later.
- Plan Your Priorities:When deciding what to tackle first, it helps to categorize your goals. Think of the work in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream features (luxuries you can add later). This will help you prioritize and stay on budget.Remember, the perfect apartment is often the one you perfect after buying it. By starting with a fixer-upper, you have the opportunity to customize it to your liking while saving on the initial purchase price. With careful planning, budgeting, and a bit of vision, you can turn an apartment that needs some love into your ideal home.
Your Local Real Estate Agent: Here to Help
Navigating the New York real estate market and finding the right fixer-upper requires local expertise. As your dedicated real estate agent, I’m here to guide you through each step of the process, from spotting the hidden potential in properties to connecting you with the right professionals for inspections and renovations.
Who You Work With Matters! Let’s find an apartment with the potential to become your dream home and build a strategy that fits your goals and budget.
Bottom Line
In today’s New York market, where the cost of ownership can be intimidating, finding a move-in-ready apartment that fits your budget can feel like a challenge. But if you’re open to putting in a little work, you can transform a fixer-upper into your ideal home over time. As your local real estate agent, I’m here to help you explore what’s possible and find a place that’ll work for you.
