Is purchasing a fixer-upper in Wynwood a good investment

Are you looking to buy a new home? Are you struggling into making the right decision – whether to buy a move-in ready or a fixer-upper? We have to admit that this is a really tough decision and before making one, you will have to consider several aspects. As the name suggests, a fixer-upper requires a lot of work, finances, and stressful nights. On the other hand, you can move into your ready new home right away without struggling. Purchasing a fixer-upper in Wynwood can be a good investment if you are ready for this kind of adventure. One of the best moving companies in Miami is here to let you know everything about purchasing a fixer-upper in Wynwood. Continue reading this article and we will help you to make the right decision.

You can find a fixer-upper for a low purchase price

One of the best advantages of purchasing a fixer-upper in Wynwood is the price. Owners tend to sell these houses for less money because you will renovate them afterward. If you are tight on budget and you do not have the means to buy a move-in ready, then this might be for you. Especially if you are handy with renovation projects, you can do a lot of things in the house on your own. Getting into the right neighborhood is also important. Being surrounded by friendly locals, great schools and neighbors is everything we strive for. Buying a fixer-upper means that you can get the neighborhood you always wanted without paying so much money. If this is something that interests you, talk to the local movers Wynwood FL and try to get an estimate moving quote. Start on time and organize your budget first.

A porch in front ofa house
Getting your dream house requires a lot of work and sacrifice.

You can flip the house and earn more money in the future

A lot of people buy fixer-uppers in order to gain profit. They don’t want to live in those houses, they just consider them investment properties. Right now, you can buy affordable homes and land in Wynwood, which can help you earn a lot in the future. Wynwood has been subjected to new residential constructions and development. If you are ready for this kind of risk, then this is a great opportunity. It is the center of art and culture, and a lot of people tend to move to Wynwood considering it home for young artists. Additionally, buying a house in this condition means low property taxes since the house does not have a high value right now. 

You can customize your new dream home

When you buy a new house, you cannot really change a lot of things such as the order of rooms, bathroom or kitchen. Purchasing a fixer-upper in Wynwood gives you a great opportunity to customize your home and create your dream house. If you are willing to spend a lot of money on renovations, you can turn this home into everything you have always wanted. You may add rooms, change the existing ones and follow the modern trends if you decide to flip it afterward. Another good thing is that you can rent a storage Miami has to offer and put all your belongings there until you renovate.  There are many options for you available if you decide for a fixer-upper. That is why you will have to talk to moving companies as well to explore your options.

A man drawing a design after purchasing a fixer-upper in Wynwood
Purchasing a fixer-upper in Wynwood gives you a chance to design your dream home.

Additional costs and problems

Besides all the planned costs, a lot of fixer-upper investors struggle with additional charges. There might be a lot of problems that the inspection will reveal after you buy the house. You never know what you will behind the walls, below the tiles and floors. Additionally, you will spend a lot more money and time since your new home won’t be what you expected it to be. To avoid this, before deciding and signing a contract, bring a qualified person with you to inspect the house. There are so many things that you don’t see or consider relevant. This can help you avoid so many additional charges that you might encounter. When setting up your budget, always add extra money for unexpected situations like these.

Is purchasing a fixer-upper right for you?

There are so many advantages and disadvantages of buying a house like this. You will have to consider your budget first, and how you feel about taking risks. If you are a handy person that loves challenges, that’s great! On the contrary, if the idea of additional costs and problems bother you, stop right here. It is also good to know that you will have low tax when you first buy the house, but that doesn’t mean it will stay like this if you try to sell it. Once the home is renovated and ready to be sold, taxes may rise and making your home less affordable. You have t decide if you are going to keep it or sell it before buying one. It will dictate your finances and the entire process.

A model house and a key on the table
Talk to your family and friends before making this important decision.

How to find a good fixer-upper?

The first thing you should do is talk to the real estate agents that have experience in selling fixer-uppers. They already know what you are looking for, especially in Wynwood and the market prices. This is a small neighborhood so he might know the house and the possible problems it hides. Often these homes haven’t been properly maintained, so you can also talk to the locals and neighbors about it. Do not make this decision right away. Go to Wynwood, talk to people around, and find your dream fixer-upper. After choosing the right one, you can contact some of the local movers and organize your relocation to Wynwood. You want to be there for all the important steps and renovation in the house. After reading this article, we hope that you have a more clear picture of whether purchasing a fixer-upper in Wynwood is a good investment.