When it comes to buying a home, there are various factors to consider. Of these, budget, location and size are all top of mind. And then, there's also the big question: do you buy a fixer-upper or a move-in ready home? Each option presents a distinct set of pros and cons. How do you decide which is best for you? The right choice depends on your budget, skills, and patience.
A fixer-upper can be a fantastic way to get more house for your money. You might find a larger home or one in a more desirable location than you could afford otherwise. When considering a fixer-upper, the old adage "location, location, location" is paramount. If a house needs some work but is in a great location, it's a solid investment, as you can improve the home over time. Another thing to consider is the potential resale value. Smart and budget-friendly renovations can significantly boost the equity in your home. If you do opt to select a fixer-upper, it's important that you are prepared for the time and effort - as well as unexpected costs - that come with renovations. This path is best for homebuyers who are either handy and can do much of the work themselves or who have a reliable team of contractors who can bring their vision and remodel plans to life.
If you opt for a move-in-ready home, that selection can offer immediate gratification and less stress. However, you will pay a premium for a house that is ready to go, updated, and functional. Chances are, this means no major repairs, no living in a construction zone, and no unexpected budget-busting surprises. If you want to settle in quickly without the hassle, time, and work that comes with a remodel, the move-in-ready route is for you. Yes, you will pay more upfront, but you will save both time and money that would otherwise be spent on renovations. The trade-off for this? It may mean purchasing a smaller home or one in a less-than-ideal location for the same price as a fixer-upper in a prime spot.
Ultimately, the Choice Is a Personal One.
If you have a clear vision, an allotted budget for renovation, and the patience for a project, a fixer-upper can be a rewarding way to build equity and create a home tailored to your tastes. If you prefer convenience, a predictable timeline, and want to start living your life in your new home from day one, move-in ready is the way to go.
My advice? Weigh your priorities, and you’ll find the perfect match for your homeownership journey.
