Whether you’re a buyer looking for a home in Erie County or a business owner thinking of investing in commercial property in the area, you might want to consider buying a “fixer-upper” property rather than buying a newer building or starting from scratch on raw land—and here’s why.
What is Does it Mean to Buy a “Fixer-Upper”?
Buying a “fixer-upper” simply means taking a home or commercial building that’s not really usable and renovating or reviving it to be livable or usable for a business. There are many of these types of properties throughout Erie County, especially in the Millcreek area, and the benefits of buying and fixing these properties—for residential or commercial use—could have some big advantages, both to the buyer and to the community.
How Does Buying a Fixer-Upper Benefit the Buyer?
First of all, it’s more cost-effective, especially if your alternative is buying land and building from the ground up. Secondly, it’s typically much easier to buy an existing property than to buy land and build, primarily because there are far fewer permits required, and less overall planning, construction, and building. And thirdly, for businesses, owning property in the area makes you both relevant and present in the community.
How Does a Real Estate Improvement Project Benefit the Community?
Fixing up an older property makes it a bright, new spot in the community. By buying a property, you are paying additional property taxes and additional school taxes, both of which benefit the community. And by fixing a property, you hire local vendors and contractors to do work, thus creating work within the community and spending money locally.
Secondly, revitalizing an old property can help create a sense of pride that spreads throughout the neighborhood, causing nearby owners and properties to follow suit. When a business moves into an residential area, it can create a domino effect, encouraging more business to follow. Increased business in a neighborhood can help bring some traffic to the area, creating more money and jobs within the community.
Should You Use a Realtor When Buying a Fixer-Upper?
Absolutely! REATLORS® are an incomparable resource for determining everything from the permits you’ll need to start your renovations to recommending the best local vendors for the job. We also know important market trends, such as which neighborhoods and areas see enough traffic to support businesses and which are better-suited for residential development.
Are You Ready to Start Improving Real Estate in Erie County?
If you’re ready to start exploring renovation properties in Millcreek or Erie County, PA, then it’s time to contact Marsha Marsh Real Estate Services! As a company that has recently undertaken a renovation project of our own, we know all about the process and can connect you with our favorite local contractors. Contact us today and let’s get started!