One of the biggest questions you need to answer before searching for a new home is whether you would prefer to buy a move-in ready home or a fixer-upper. There are certainly pros and cons of each, and the final decision will largely depend on your unique situation.
At Simply Referable, we understand the angst that making such a decision can engender, and hope to be able to help you feel confident in making the right choice for your dream home.
The Pros and Cons of Fixer-Upper Homes
Unquestionably, one of the biggest advantages of buying a fixer-upper is the price. Fixer-uppers give eager homeowners the chance to own their own property even if they can’t afford those move-in ready homes so many of us deeply desire.
Homes that need work are almost always priced accordingly, as the owner knows the home needs work before it can be sold and/or occupied. Therefore, the sale price is usually below the potential market value. As such, buying a fixer-upper makes perfect sense for those planning to move in a few years or those who plan to stay for a very long time and invest in make the home everything they want.
In addition, property taxes are based on the home’s sale price. Therefore, your biannual property taxes will be less if you buy a fixer-upper as opposed to a new home.
Fixer-uppers require more work than move-in ready homes. Removing an old toilet, painting a bedroom or demolishing that really ugly living room may sound like a chore, but many find it invigorating. Either way, prepare to get your hands dirty.
On the Other Hand…
Move-in ready homes, of course, bring with them their own pros and cons.
On the plus side, they require little, if any work. As soon as you move in, all the work is done. There is (hopefully) no painting, no demolishing, no removing toilets and no maintenance. Move-in ready homes let you enjoy the comforts of your new home as soon as you purchase the property.
There are also certain design elements that seem to come with every new or remodeled home. As opposed to fixer-uppers, new homes come with design elements today’s lifestyle demand. Those elements include: open floor plans, walk-in closets, barn doors and hardwood flooring to name a few.
New homes are also equipped with the latest technology built right in like alarm systems, speakers, Internet wiring and cable, saving you lots of time and money.
With all that said, move-in ready homes are far from perfect. They almost always more expensive than fixer-uppers. If they weren’t, no one would ever buy a fixer-upper. As such, if you want to buy a move-in ready home, expect to pay more than you would for a fixer-upper.
As a dream home, you want it to be perfect. You may love the master bath and the hardwood flooring, but your husband may have a few issues with the brand new kitchen. Either way, there will always be some give and take when it comes to buying new homes. If you’re not into the whole DIY scene, the chosen designs will have to stay as is.
Let Simply Referable Help You Buy a Home!
Regardless of what kind of house you decide on, the small team of realtors at Simply Referable is deeply focused on creating a memorable buying experience for you and your family. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.