The housing market keeps sailing along. The only headwind that could take it off course is the lack of inventory for sale. The National Association of Realtors (NAR) reports that there&
Fixer Upper Vs Move In Ready Which One Is Right For You
Dated: December 20 2017
When it comes to buying real estate, you want to make sure the property you purchase is the right fit for your needs. For some buyers, purchasing a home that needs some work is the ideal situation. For others, getting a turnkey home that's move-in ready is the only option they'll consider. For others, both seem like reasonable options. The question is: what is best is for you? There are pros and cons to both fixer uppers and move-in ready homes. The important thing is to recognize which is the best fit for your budget, and what you want out of a home. Let's take a look at the pros and cons of fixer uppers and move-in ready homes to help you determine which is the better fit for you:
Fixer uppers are, as the name implies, homes that need a bit of TLC – or fixing up – upon move in.
Discounted price The major draw of fixer uppers is the price. Since they need work, you can typically get a fixer upper at a fraction of the cost of a move-in ready home of a similar size or in a similar location, so if you're on the hunt for a bargain or you have a tight budget, a fixer upper is definitely going to be the least expensive home-buying option.
You can make the house your own since a fixer upper will need work and renovations, it does offer the opportunity to put your own stamp on the design and layout and really make the house your own. With a move-in ready home, the work has already been done and the home already designed. With a fixer upper, you get the opportunity to build your home from the ground up with everything from flooring and cabinetry to landscaping and windows.
It's a project for people who are interested in home renovation, there's nothing better than a fixer upper. Taking on the challenge of completely transforming a home is a really exciting prospect for a lot of people, and if you're in that camp, a fixer upper is a great opportunity to take on a worthwhile project.
It can get expensive. Even though the purchase price of a fixer upper is typically low, if there is a significant amount of problems with the property or changes that need to be made, it can definitely get expensive. Things like repairing electric, adding a new roof, tearing up and installing new flooring, and redoing a kitchen can get pricey, and if you're not careful, you can find yourself way over budget, swimming in contractor bills with no end to your renovations in sight.
It takes time. Even if you're a person who loves renovating homes, there's no escaping the fact that it takes time. If you need to move into your home quickly, a fixer upper isn't going to be the right fit.
Move-in ready homes are recently built, updated, or remodeled homes that need next to nothing in terms of renovations or improvements. You can comfortably move in without making a single change.
It's convenient In terms of convenience, you can't beat a move-in ready home. Moving can be a stressful process, and for many new homeowners, the last thing they want to do upon moving into their new home is start managing a bunch of renovations. With a move-in ready home, once you move in, you're done. While you may want to make some cosmetic changes down the road (like painting the walls or changing the flooring), there's nothing that needs to get done after you move.
Better energy efficiency. Newer, move-in ready homes tend to be more energy efficient, which is not only better for the environment, but also better for your utility costs. Energy efficient homes require less energy to heat the home during the winter and cool the home during the summer, which can end up saving you a significant amount of money in the long run.
Home prices are higher. When you buy a move-in ready home, you're paying for the convenience. Move-in ready homes will always be significantly more expensive than fixer uppers in the same neighborhood and of the same size. If you have a tight budget, you might have to make some sacrifices to purchases a move-in ready home, like buying a smaller house or buying in a less popular neighborhood.
The "cookie cutter" effect. When you buy a move-in ready home, everything has already been done for you. Which is certainly convenient, but it can lack originality, charm, and the architectural and decor details you might want in a home. Newer homes sometimes feel more generic and "cookie cutter" than their older counterparts, so if charm and individuality are important for you, a move-in ready home might not feel like the best fit. Fixer uppers and move-in ready homes both have unique benefits and challenges. Ultimately, you have to go with the choice that best aligns with your budget, your needs, and your long-term goals for your home.
A GroupWatson Buyer Specialist is ready to meet with you and weigh out the pros and cons when it comes to making a purchase of a move in ready home or a
property that needs a little TLC.
Contact a GroupWatson Agent for Valuable Insight and wise direction when deciding what will work best for you.
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Lauren is a lifetime North Texas resident and graduate from Texas Woman's University. She currently lives in Prosper and has been working in and around her community for the past six years, resulting ....