The recent housing shortage has skyrocketed home prices in just over a year. New home now costs $370,000, up by almost 14% from last year. For many people, this is simply unattainable.
The average household income is around $69,000, so if a family buys a home at the median price, they would be spending over half of their income on housing costs. It would take them at least 30 years to pay off their mortgage, assuming they don’t have any other debt.
So, what’s the solution for people who want to buy a home but can’t afford a new one? The answer is fixer-uppers.
The Benefits of a Fixer-Upper
There are many benefits to buying a fixer-upper. The most obvious one is that they’re cheaper than new homes. You can find a fixer-upper for around $100,000, which is less than half the price of a new home.
Another benefit of fixer-uppers is that you can make them your own. You can customize every aspect of the home to your liking. This includes the layout, the finishes, and even the appliances. You can also add your personal touches to make the home feel like yours.
Fixer-uppers also offer an opportunity to build equity. With each improvement you make, the value of your home increases. And if you’re clever about your improvements, you can save a lot of money in the process.
Lastly, and something that most people forget, fixer-uppers won’t need you to change your lifestyle radically. Since they are cheap, you don’t need to live below your means to attaining them. You can live a comfortable life while still working on your home.
How to Turn Your Fixer-Upper Into a Luxurious Home
Now that we’ve gone over the benefits of fixer-uppers let’s look at how you can turn yours into a luxurious home.
Invest in High-End Appliances
One of the first things you should do to make your home more luxurious is to invest in high-end appliances. This includes a new stove, fridge, dishwasher, and washer and dryer. Not only will this make your life easier, but it will also make your home look more luxurious. High-end appliances can be found at most home improvement stores or online.
There are many benefits to investing in high-end appliances. The first benefit is that it can help you save money in the long run. High-end appliances are often more energy-efficient than their cheaper counterparts. This means that you’ll save money on your energy bills each month.
Another benefit of high-end appliances is that they often come with a warranty. If something goes wrong with the appliance, you can get it fixed or replaced for free.
Lastly, high-end appliances can increase the value of your home. If you ever decide to sell, potential buyers will be willing to pay more for a home with luxurious appliances.
Use Marble Floors for Your Bathroom
Another way to make your fixer-upper more luxurious is to install marble floors in your bathroom. Marble floors are not only beautiful, but they’re also durable and easy to care for.
There are many benefits to installing marble floors in your bathroom. The first benefit is that it will make your bathroom look more luxurious. Marble floors have a classic and elegant look that will impress anyone who sees them.
Another benefit of marble floors is that they’re easy to care for. Marble is a very strong material, so it’s resistant to scratches and stains.
Lastly, marble floors can increase the value of your home. If you ever decide to sell, potential buyers will be willing to pay more for a home with marble floors.
Another way to make your bathroom more luxurious is to install a glass shower door. Glass shower doors can make any bathroom look more modern and sleek. They’re also easy to clean and maintain. They are also safer because they’re made of tempered glass, so if they break, they won’t shatter into pieces.
Install Hardwood Floors
Another way to make your fixer-upper more luxurious is to install hardwood floors. Hardwood floors are not only beautiful but also durable and easy to maintain.
There are many benefits to installing hardwood floors. The first benefit is that it will make your home look more luxurious. Hardwood floors have a classic and elegant look that will impress anyone who sees them.
Another benefit of hardwood floors is that they’re easy to care for. Hardwood floors are very strong and resistant to scratches and stains.
Lastly, hardwood floors can increase the value of your home. If you ever decide to sell, potential buyers will be willing to pay more for a home with hardwood floors.
Buying a fixer-upper might be the best choice you’ll make this year. By following these options, you can make your fixer-upper look brand new and luxurious in no time.