Why do people buy Fixer-Upper homes?

Most often, people buy fixer-upper homes because the cost of purchasing the home plus renovation costs may total less than what they’d pay for a comparable home in good condition. Here are some of the key reasons buyers decide on buying a fixer-upper:

Can a FHA 203(K) loan buy a fixer-upper?

To qualify for the FHA 203 (k) loan program, you must meet the following requirements: VA Renovation Loan: Buyers eligible for a VA loan can also use a VA renovation loan to buy a fixer-upper. Through this program, current and former service members have access to the funds they need to buy and repair a fixer-upper with no money down.

Is a fixer-upper house worth the money?

To ensure a fixer-upper house is well worth the money, look at comparable homes (known as real estate comps) in the neighborhood. Then add your estimated cost of renovations to the purchase price.