Fixer-upper or move-in ready home? Weigh the pros and cons of each to see which is better for you.
§ Price. Homes needing work are usually priced accordingly and there’s often more room to negotiate. That lower price can mean less risk during market downturns and greater resale potential.
§ Design possibilities. A fixer-upper affords greater opportunity to design a home that’s customized to your specific tastes. Plus, you’ll have more confidence in the quality of the finished product.
§ A fixer-upper requires work – and patience. Whether you DIY or hire contractors, fixer-uppers are obviously more work, and the process can mean months or even years of inconvenience.
§ The cost of fixing up that fixer-upper could offset your savings on the purchase price. Research the cost of repairs and renovations to see if you’ll really come out ahead. Remember that the cost of credit can quickly eat into any financial gains from the renovations.
MOVE-IN READY: Pros
§ Turnkey homes require little to no work, making them ideal for buyers short on time or DIY skills. Plus, life in your new home won’t be disrupted by ongoing construction.
§ You’ll likely find it’s easier to obtain financing and insurance for a move-in ready home than for a fixer-upper, as lenders and insurers see them as less of a risk.
§ Move-in ready homes command higher prices. Their sellers, having put much work into getting their properties into such condition, may be less negotiable, and you’ll likely face more buyer competition.
§ Lack of customization. Buying a turnkey home means paying for improvements the seller has made. Unless you want to spend even more upon moving in, you’ll be living with their choices for some time.
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