Purchasing a new home comes with so many options, two of which include whether to buy a move-in ready home or a fixer-upper. The decision you ultimately make will be based on personal reasons while also weighing up the pros and cons!
A fixer-upper is a great choice in that you can pick up a good-sized home at a great price. However, the catch is that it may require a lot of money to renovate it to your standards. In addition, it requires a lot of time and energy with DIY – time or energy you may not have. Before you buy a fixer-upper, you should always break down the project costs to have an idea of the total cost to fix it up.
There are many factors to consider and if your potential property is an old house, it may already have some great original features that you can empathize in your renovation. Sometimes, you will be able to make a small downpayment and then tie the mortgage into the renovation costs to make it easier!
A move-in ready home is always tempting in that there are no projects that need to be done when you move in. If you do not have a lot of time or energy for DIY projects and if you are willing to invest a bit more in a turnkey home, then this would probably be a better option for you. Always ensure that your so-called move-in ready home has good quality features and there is nothing that is being concealed (such as a poor plumbing or electrical system).
At the end of the day, when buying a property, it is essential to have realistic expectations right from the beginning about the work to be done and the total cost involved!