In the current fast-paced housing market, trying to find your dream home can be a daunting task. You’ll face lots of different choices along the way. For example, one option is to try and find a move-in ready property – good-to-go, but highly sought after. The other is a fixer-upper – lots of potential, but lots of work.
So, which is best for you? Fixer-upper or move-in ready? Keeping reading for the pros and cons of both routes…
One big plus for fixer-upper properties is that they will usually have lower sale prices. This is a big advantage – especially for first time buyers and anybody with a tight budget.
The money saved can be used to renovate the property to your exact tastes. This extra level of creative control allows you to create your dream home. You get to pick everything, from wall colours and kitchen tiles to floor plans. By the end of the process, you could end up with a property worth more than your original top budget – and surely that’s the goal.
Also, there is typically less competition for fixer-uppers, as not everybody is up to the challenge. If you’re feeling brave, this gives you the opportunity to drive down the price and grab a bargain.
Unfortunately, the renovating process isn’t always as easy as a lick of paint. Sometimes, it can take months, if not years, to get to a place where you are 100% happy with the results. This can take it toll, especially if you’re doing everything yourself. Worst of all, you might not even be able to move in on day 1. Or even day 100.
Fixer-uppers can also have hidden costs, that you only discover once you’ve started remodelling. That’s why it’s important to take note of how much everything will cost and calculate if it’s worth the initial saving on the property. If you don’t have much experience, take a builder or property expert with you to advice on costings.
If remodelling and renovation don’t sound like your cup of tea, opt for a move-in ready property. Who wouldn’t want a straightforward transition, from one house to the next?
In this competitive market, many sellers are fixing up their home and adding modern features to increase the selling price. That’s great news for buyers. You’ll be able to enjoy your new home as soon as you get the keys. No fuss. And best of all – hardly any work!
The benefits don’t end there. Generally, newer homes are more energy efficient too – which can reduce your monthly bills.
Move-in ready properties aren’t always a buyer’s dream. Features such as open plan kitchens, wooden flooring and large extensions will drive up the demand and – as a result – the cost.
Unless you want to increase your outgoings further, move-in ready homes are harder to personalise. This can be especially frustrating if you’ve blown all your budget on the property and have to live with a few unsightly flaws. You might just have to hang onto that brand new avocado bathroom suite for a few years!
Choosing between a fixer-upper or move-in ready property is a personal decision and one you need to weigh up before making the plunge.
Need help? We can help at Weale & Hitchen. As a local property expert, we can help you navigate the property market in Lancashire and find your dream home. For more information, get in touch or visit one of our four branches today – we have offices in Bury, Holcombe Brook, Ramsbottom and Rawtenstall.
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