by Stacey A. Smith

Created on: September 08, 2009   Last Updated: September 12, 2009

Thinking about buying a house? Well, nowadays with the housing market the way it is, the buyer has most of the control. The real options lie in whether a buyer wants to buy a house that needs work or not. There are reason in both columns as to the pros and cons of buying a house.

First, the pros -

1. The most obvious and compelling pro is the house's selling price. For homes that aren't in tip top condition and need work, the asking price will be significantly lower to compensate for the work that will be need to be done.

2. Also Do-it-yourself (DIY) can be a fun way to learn new things and experiment. Always wanted to know what it felt like to break down a wall? Now is your chance. Not really sure how' the color yellow will look on a wall? Give it a try, you are in control.

3. Now is also the time to call on those friends that you have helped throughout the years to pitch in and help you. Have a painting party - invite a few friends, order a pizza and tackle the work together. Not only will the work go faster but you will have fun and probably end up with some good stories to tell in the future.

4. As well as learning some new skills you can discover some hidden talents you didn't knew you had. Possibly, you have a knack for tiling or an ease to wall-papering. Doing the work yourself helps to fully realize your home renovation potential.

5. And finally, a positive aspect to buying a house that needs work is that the end product is going to be exactly what you want. By doing-it-yourself, you are bound to get the style and design you want as opposed to settling for what someone else's taste is.

Now, the cons -

1.The biggest con for buying a house that needs work is that the work takes time. You just bought a house, you're excited and although the end result will be fantastic, there is time-consuming work that needs to be done before you can fully enjoy your purchase.

2. Buying a house that needs work means that are going to be living where the work needs to be done. This can lead to a very chaotic home atmosphere which can be less than ideal.

3. If this is the first time you are undertaking this type of project, you probably don't have a lot of experience. And that means that you can only do so much before needing to hire a professional which can get quite pricey.

4. One word: Stressful! On top of the chaos of living there while the work is making the house livable, the money that is financing this project will dwell heavily on the mind. Consider the Tom Hanks' movie, The Money Pit, it's funny but can also be come true.

5. Finally, one of the cons of buying a house that needs work is that one cannot fully anticipate the length of time it's going to take or the amount of money that is needed to be spent. It's very likely that you will end up over-budget and have had to take twice as much time as allotted.

The bottom line is that there are pros and cons to buying a house that needs work. Assessing your personal needs and your situation is the key to knowing what's the right choice. Be sure to factor in price and the amount of time you will have to dedicate to this project and you are sure to make the right choice for you.

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