It gives you the opportunity to renovate to your needs and build value
With an already renovated and updated place the home's value has already been improved and the buyer is paying for it in the end. However, most sellers who re-do a whole house in order to sell will not renovate & update to highest standards. They are most likely cutting costs by using lesser materials, fixtures, appliances and finishes to maximize their profit.
But if you buy a fixer-upper, you can improve it yourself over time and get the benefit of the extra equity as you do it. And as added bonus you can renovate and update to your specific needs and wants.
It's a basic real estate concept. If you can find the right property for the right price and do it right, this could mean thousands of dollars added in equity... especially if the house is located in a popular location.
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