Shows like HGTV’s “Fixer Upper” have popularized the idea of buying and renovating the worst house on the best block. Homes that need major remodeling, however, aren’t for everyone. Sometimes a move-in ready house is a better option. Whether you’re a first-time homebuyer or a seasoned investor, it’s important to understand the pros and cons of each.
Pros of Fixer-Uppers
- Lower price — Homes that require some updating tend to be priced lower, and many renovations can quickly add value to your home.
- Creative control — When you’re the one in charge of updating your home, you can customize it however you choose.
Cons of Fixer-Uppers
- Delayed move-in — The planning and work involved to fix it up can significantly delay your move-in date.
- Unexpected costs — No matter how well you plan, major renovations are always subject to unforeseen expenses.
Pros of Move-In Ready
- Quick move-in — Can’t wait to begin nesting? With a finished home, you can start moving in as soon as you get your keys.
- Energy-efficient technology — New and renovated homes are often outfitted with the latest energy-efficient options when it comes to kitchen appliances and heating and cooling systems, which can save you money over time.
Cons of Move-In Ready
- More expensive — To recoup the costs of updating, sellers often price move-in ready homes much higher. These homes also don’t allow for easy customization.
- Questionable quality — When you’re not there to oversee the update process, you’re unable to ensure that high-quality work and materials are used for your home.
Still not sure which approach is right for you? Take this quiz to help you decide if you’re ready for a fixer upper.
Have you bought a fixer-upper? What was the process like? Share in the comments!
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Photo Credits: “house updates” by mazaletel © 2011 (CC BY 2.0) | “Dining Room with Recycled Wood Ceiling” by Jeremy Levine © 2009 (CC BY 2.0)
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