The real estate market is hot and right now, there are more homes being put up for sale every day. However, with rising home prices, many buyers want to survey all of their options before they make the big decision. From new builds to flipped homes, there is definitely something out there for every type of buyer. And while this could be a potentially overwhelming experience, we want to help out and take you through everything you need to know so you can be confident about making the right choice. Between move-in ready houses and fixer-uppers, each will have its own pros and cons.  It’s just up to you to find your preferences and decide what is going to work for you.

Fixer-Upper

A fixer upper can be enticing for some buyers who like the idea of renovating and making a house their dream home, even if it means some work will need to be done before the home can be deemed move-in ready. Fixer-uppers are big projects. The sky is the limit with  possibilities because you are customizing it to your own taste. This is truly the perfect opportunity to incorporate your wishlist into the job, as long as you stay within your budget! 

And the great thing is that staying under budget actually becomes more attainable considering the majority of fixer-uppers come with a lower sale price attached to them. Not to mention, you’ll have a potential increase in value if you ever choose to sell it. Property taxes are another consideration to take into account if affordability is your main priority. Your local taxing authority determines your property taxes based on the sale price of your home. Translation: your annual property tax will come out a lot cheaper on a fixer-upper versus a move-in-ready house. Fixer-uppers can come out to be more affordable, thus increasing the basis of their appeal. And with the creative freedom opportunity, many people are seeking out fixer-uppers to achieve their perfect home.

However, a fixer-upper journey may not be perfection all of the time. Oftentimes, many big and underlying issues could be hiding under the surface with homes that are older and more run-down,. Before you purchase a fixer-upper, it’s important to get a realistic idea of the work that needs to get done. It would be disappointing to use up your new, bigger budget on detrimental problems. 

Another factor to consider is the amount of experience needed to make your dream home a reality. If you are not handy yourself, you will need to hire professional laborers to make the necessary changes. Be sure to do research on what you will need to spend and also have a separate contingency fund for any unexpected emergencies.

Fixer-uppers can be a lot of work, but the return can be great.

Move-in Ready

The advantage of buying a move-in-ready home is obvious: it has what you need and there is little to no hassle involved. All that you have to do is unpack your boxes and switch on your utilities. We know that many people don’t have the time and availability to spend on a house that requires a lot of work. With a move-in-ready, you can enjoy your new space sooner and get back to living your daily life. Move-in-readies are a popular option. They are stable and efficient in the midst of people’s busy lives. 

There are a multitude of options available on the market, so you’ll have a lot of choices that can meet most, if not all of your wants and needs. You just need to discover the house that is right for you. And if you opt for a new home, it will probably come with updated fixtures and appliances, an added bonus compared to a fixer-upper. There aren’t as many unexpected problems that arise so your experience will be generally simpler and less stressful.

The downside of a move-in-ready home is that they’re typically more expensive than a fixer-upper. You’re getting the retail price, due to the incorporation of modern appliances and design features. In addition, rather than having to pay for the conveniences separately, the developer, or seller, will roll everything into a higher asking price for the home to increase their profit. Everybody may not be able to afford this higher price tag. Move-in-ready homes can also lack your vision of your dream home. While it may have some of the basics on your wishlist, it’s difficult to find the ideal version of what you had in mind. Since they’re made to appeal to multiple home-buyers, they could lack the personal touch that makes you, you. If you want to redesign or customize any amenities, that will probably come with a higher cost.

Ultimately, it all comes down to your priorities and preferences. Take some time to consider all of the factors that will come into play with each situation. Above all, buying a home is an extensive process that comes with a big decision at the end of it all. Make sure it’s a decision that is within your capabilities and will make you happy in the long run.

Need help navigating the current real estate market? Contact us today and one of our agents will guide you through all the ins and outs and help you decide whether a fixer upper or a move-in ready home is right for you.