Is Buying a Fixer-Upper in Athens a Good Idea? 4 Reasons You Should Really Consider It

Is Buying a Fixer-Upper inNow that you have a little cash to invest, you may be wondering, “Is buying a fixer-upper in Athens a good idea?”

The answer depends on whether you have the money to pay a contractor to do the rehab or the time and skills (or at least the willingness to acquire them) to do it yourself. But most of the time, yes, it’s a good idea. And here are 4 reasons why you should really consider it.

Is Buying a Fixer-Upper in Athens a Good Idea? 4 Reasons You Should Really Consider It

1. Fixer-Uppers Are Usually Genuine Bargains

Probably the number-one reason for answering “Yes” to the question”Is buying a fixer-upper in Athens a good idea?” is that a fixer-upper is, many times, a great bargain. Generally, a fixer-upper costs 20% to 25% less than a comparable move-in-ready home. And you can expect to pay even less for houses with major problems.

You just need to make sure the rehab costs won’t eat up potential profits or appreciation. Experts recommend adding at least another 5% to your projected renovation budget to cover unexpected costs.

2. You Can Earn While You Learn

If you have any DIY inclinations or skills, buying a fixer-upper in Athens can turn out to be paid on-the-job training. If you make all the repairs and do the renovations yourself, you will earn while you learn. Sure, you’ll make mistakes and have to invest more time. But in the end, you’ll likely realize a healthy profit – whether you ultimately intend to rent the house or flip it. And those skills you’ve acquired can be put to good – and profitable – use on your next and subsequent fixer-uppers.

Just be prepared to experience a little frustration at first, along with some banged thumbs and blisters. But where else can you get paid that much to learn a trade as a rank beginner?

3. You Can Get Started Flipping Houses for Profit

But maybe you’re still asking yourself, “Is buying a fixer-upper inAthens a good idea?” If you are, know that buying a fixer-upper is probably the best and most affordable way to get started flipping houses. A fixer-upper is a good starting point because, until you get some experience under your belt, you may not make much money at first. But that can change fast and in a big way.

On average in 2016, the per-home gross flipping profit was $62,624. Now that’s a big chunk of change. Further in 2016, out of all houses sold on a flip basis, only 12% came in at a break-even level or saw a loss. That means that 88% of flipped houses were sold at a profit. Pretty impressive and pretty good odds, really.

4. Financing is Favorable Right Now

Currently, both rates and terms are favorable when it comes to financing for house buying, with access easy and interest rates still low. So in terms of financing, right now is a good time to buy a fixer-upper.

In addition, home prices are rising at an alarming rate in some areas such as central Oregon. As favorable as financing is right now, you still might not be able to get financing if you want to buy in one of those areas with outrageous home prices. But if you opt for a fixer-upper, you might be able to get financing and buy in the area of your choice.

So, is buying a fixer-upper in Athens a good idea? Generally speaking, yes. The pros usually outweigh the cons. Now, all you have to do is find the right fixer-upper that meets your needs and fits your situation.


Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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