Why would you flip a house over buying a new home?

I have bought and rehabbed 3 fixer upper properties to live in as my own personal residence. It’s definitely not as easy as buying a new house, but here is why I choose to buy fixer uppers instead of new homes:

  1. Equity - The main reason I buy fixer uppers is it gives me a chance to build equity into the home, that I wouldn’t otherwise be able to do buying new.
  1. When you buy new, you are buying at retail prices, so the only way you can gain equity is through market appreciation.
  2. When buying fixer uppers, you can ‘force appreciation’ by buying at a discount and making smart improvements that add value. My most recent purchase was bought for $80k, and needed $80k in repairs, but is now worth $300k+…That’s over $100k in equity.
  3. Customization - When buying a fixer upper you get the opportunity to truly customize every aspect of the home and make the kitchens, bathrooms and finishes match your design style and lifestyle.
  4. Like New - My current personal residence has basically been renovated to meet the today’s building standards of a new home…All new electrical, new plumbing, new furnace, new A/C, new kitchen, bathrooms, etc…
  5. Most New Houses are Cookie Cutter - Most new neighborhoods have 3 to 4 ‘cookie cutter’ floor plans in the neighborhood so every house on the block looks the same.
  6. Location - I want to live close to downtown Kansas City…right now I live 5 minutes from downtown KC…most new neighborhoods are at least 15 minutes from downtown.
  7. Trees - I’m not a tree hugger, but I appreciate well established neighborhoods with large trees. Newer neighborhoods generally barely have a tree in sight.
  8. Enjoyment - I personally enjoy rehabbing old houses and taking an old run-down house and making it my own.

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