Pros & Cons of Buying a Fixer Upper vs. Move-In-Ready Home
When buying a home, there are pros and cons to both buying a fixer upper versus a move-in ready home. It all depends on your preferences and expectations, as well as how much you are willing to put into the project.
With the purchasing of a home, there are many factors to consider. While some dream of the day they can move into a new home, others prefer to take advantage of the opportunity that buying a fixer-upper may present.
The real estate market is constantly changing due to location and demand. The main upsides of buying a fixer upper versus buying a moving ready home are, large savings and more flexibility in design. Most fixer upper homes are significantly less expensive than comparable move-in ready homes. Fixer upper homes allow you to create a home uniquely suited to meet your needs, budget and style.
Maybe you have dreams of fixing up that cute little Bungalow, or maybe you’re ready to buy a home that’s outfitted with new appliances, right down to the paint. There are pros and cons to both buying a fixer upper versus move-in ready home. What’s more important: cost savings, low maintenance costs, or fast returns on your investment?
Buying fixer upper can save you money, but it’s also a lot of work. You could end up spending a lot of money on repairs and renovations that aren’t always easy to find or handle, as well as ending up with a property that is still in poor condition. Though this might make buying it seem like a better deal initially, that could not be further from the truth.
There is always a good reason to buy a move-in ready home. It’s not necessary, but the advantage is that you don’t have to put all of your time and effort into fixing something that’s already been done for you. Buying a move-in ready home allows you to skip the hassle and get right to the fun part of decorating. All you need to do is unpack your boxes, activate utilities, and start enjoying your new space!
A move-in ready home is the best bet if you’re looking to purchase a home quickly. This means, structurally it’s all there, working appliances, functional plumbing and electricals. Everything about this home is ready for you to move-in with little or no work required.
The main reason why buyers choose to buy move-in ready homes is that they won't have to deal with as many unexpected (or unknown) costs or projects after you get your keys. Also, you can more or less estimate your costs more precisely than with a fixer-upper, where you’ll have projects and contractors that can expound or change throughout the project timeline
Buying a fixer-upper home can be a fun and rewarding experience, especially if you like being hands-on with your home repair projects. Additionally, fixer-uppers generally have lower prices than move-in ready homes, making them an affordable way to buy your first home. But while it can be cheaper to buy a fixer upper versus buying a move in ready home, there are also factors that may make it more expensive such as unexpected costs of renovations or repairs. If you’re interested in buying a fixer upper, we recommend hiring a property inspector who specializes in fixing up homes before deciding to buy one.
So, what’s the best option? It comes down to preference, cost and your level of patience. If you have a bit more time and aren’t afraid of tackling DIY projects, you might want to consider buying a fixer-upper. But if you’d rather get settled into the home quickly, or are worried about putting in a lot of time and money into your new home (only for it to appreciate later), then straight-forward new construction might be the way to go.
Whatever direction you decide to go, the Tatum Praise Team is more than happy to help guide you through the process and advise you in the best direction possible. Contact Tatum at 813.528.1121 to start your house hunt today!
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