A “?xer” is short for “?xer-upper” (also sometimes called a “handyman’s special”). It’s a house (or condo/co-op) that is in less than perfect condition, sometimes far less. Some merely need paint. Others need a complete makeover....
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A “?xer” is short for “?xer-upper” (also sometimes called a “handyman’s special”). It’s a house (or condo/co-op) that is in less than perfect condition, sometimes far less. Some merely need paint. Others need a complete makeover. Some even require structural repair. Whatever their de?ciencies, they are typically sold at a discount. If you’re having trouble ?nding a home you can afford to buy in the neighborhood you want, then one alternative may be to consider a ?xer. Here you can sometimes substitute “sweat equity” for the cash (or credit/income for loan qualifying) that you need to get in. Why Should I Consider a Fixer? There are three reasons that people want to buy ?xers. They are: Get into an area you’d otherwise not be able to afford Get into a house you’d otherwise not be able to afford Make a pro?t TIP—IT’S NOT SIMPLY COSMETIC My wife and I have a running battle over what constitutes a ?xer. She feels that if the paint isn’t new and there are one or two cracked counter tiles, it’s a ?xer. I, on the other hand, maintain that the property has to have a big enough problem that no one will pay full price for it—obsolete kitchen/bath, broken doors in interior, cracked foundation, and so on. Her complaint is that no one will come down on the price for what she considers a ?xer. Mine is that they often won’t come down far enough to make buying the home and ?xing it worthwhile.
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