Turning a Fixer-Upper Into a Valuable Asset
How We Helped Clients Build Value with Fixer-Upper Homes
When we work with clients, fixer-upper homes often come up as a potential option, especially for those looking to build equity in a property and create a home that truly reflects their personal style. The idea of putting in some sweat equity to transform a home can be both exciting and overwhelming, and we’ve helped many clients navigate this path successfully by finding the right balance between what they can take on and what makes financial sense.
One of the first clients we guided through this process was a young couple looking to buy their first home. They were initially concerned about how far their budget would stretch in a competitive market like Portland. After considering their options, we introduced them to fixer-upper properties and helped them see the potential these homes could offer. By opting for a lower down payment and setting aside funds for renovations, they were able to purchase a home that, while needing work, was in a desirable neighborhood. With our help, they also explored rehab loans, like the FHA 203(k) loan, which allowed them to finance both the purchase and the cost of repairs in one loan package. This meant they didn't have to find additional funding for the renovations after closing on the home.
Of course, there are both advantages and disadvantages to buying a fixer-upper. The biggest advantage is that homes needing work typically cost less upfront. This creates an opportunity to buy into neighborhoods that might otherwise be out of budget for a fully remodeled home. For buyers willing to roll up their sleeves, a fixer-upper can provide a chance to customize their living space and add significant value to the property. We've seen clients take homes that had been sitting on the market for months and transform them into stunning spaces—building substantial equity in the process.
However, fixer-uppers aren't without their challenges. It's important to go into the process with a clear understanding of the costs involved. Renovations can take time, and unexpected issues often arise once work begins. That’s why having a solid plan and a reliable network of contractors and experts is crucial. One of the ways we help clients manage these risks is by connecting them with experienced contractors from Francisco's network, ensuring that the work is done right and within budget. In fact, one client was able to save thousands by leveraging our connections and using a combination of DIY efforts and professional help to complete their remodel.
Additionally, we always recommend having a thorough home inspection before committing to a fixer-upper. This way, buyers can anticipate any major structural or system issues that might require immediate attention. We once worked with a client who loved the charm of an older home but was nervous about the condition of the plumbing and electrical systems. With a comprehensive inspection, we were able to give them a clear picture of what needed to be addressed upfront and what could be done down the line.
Fixer-upper homes are a great way to build equity while personalizing a home, but they do require careful planning and a willingness to take on projects. For buyers who are up for the challenge, they can be a smart investment—especially with the right guidance. We're always here to help our clients find properties with potential, and to offer advice on financing, budgeting, and finding trustworthy professionals to bring their vision to life.
Ultimately, for many of our clients, fixer-upper homes offer the best of both worlds: the opportunity to save on the initial purchase and the chance to create a home that’s uniquely theirs. Whether you're looking for your first home or your next project, we're here to help you weigh the pros and cons and guide you through every step of the process.
At Campbell Salgado Real Estate Group, we combine over a decade of real estate expertise with hands-on experience in home remodeling and renovation.
As artists, entrepreneurs, and homeowners who have successfully remodeled three homes ourselves, we bring a unique ability to see the hidden potential in fixer-uppers. We specialize in helping clients build equity and save money by identifying properties with promise and guiding them through the renovation process. Whether you're a first-time buyer looking to transform a home or an investor searching for your next project, we provide expert advice, creative solutions, and a network of trusted contractors to make your vision a reality.
Interested in finding out how we can help you? Call or text us today at 503-951-8547 for a complimentary buyer consultation and let’s explore the possibilities together!
