Trying to decide between buying a fixer-upper vs. move-in ready home?
First off, congratulations! Buying a home is a huge commitment and it’s an incredible journey to be on. With so many updated, new, and modern options on the market, you may be stuck between purchasing a new home or one that you can renovate to make your own over time.
Revamping a fixer-upper is a home-buying trend that doesn’t appear to be stopping any time soon. But many future homeowners want to know…Is it worth it?
On the other hand, buying a move-in ready home means less work, right?
Before making a decision, it’s important to get an overview of the pros and cons of each. You may find that you’re leaning quite a bit more to one side than the other.
Need a real estate team in Spring, Texas? Contact The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519!
Weighing The Pros & Cons Of Buying A Fixer-Upper Vs. Move-In Ready Home
There are 2 commonly asked questions people have regarding whether they should buy a fixer-upper vs. move-in ready home:
- What Does Move-In Ready Mean When Buying A House?
- What Are Fixer-Uppers?
To answer the first question, a proper move-in ready home meets local municipal requirements for living in. In other words, it’s a legal phrase used to confirm 3 general characteristics:
- The structure is sound and safe
- Plumbing, electricity, windows, and doors work
- There are no pests or infestations present
In real estate, specifically, you may hear the phrase “move-in ready” used to describe homes that you can buy and move into without renovation, update, or repair. These types of homes are typically pre-owned with many modern updates or brand-new builds.
A fixer-upper is a home that will need some work whether you’re looking at a complete renovation or a few major renovations here and there. This type of home does not include flipped homes as those are considered move-in ready. But buyers beware as you will want to be certain any flipped home is inspected from the inside out.
Call The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519 to start the search for your new home!
Move-In Ready Pros
Here’s what you can look forward to when buying a move-in ready home.
Modern tech and features. If you have more budget to work with and prefer modern additions, you may get more bang for your buck buying a move-in ready home.
In fact, 44% of the U.S. agrees that move-in ready homes include smart home technology installed. If modern technology is important to you, it’s time to consider a home with today’s tech features built in.
Ready right now. In an age of “instant gratification”, a move-in ready home fits the bill. This type of home has everything you need to get set up quickly and comfortably. If you’re someone who is pressed for time or always on the go, a move-in ready home allows you to skip the DIY stage and get right to living.
Less stress for the family. If you have children, pets, or a large family, a move-in ready home will eliminate much of the stress. It will be much easier for a professional to come in and set your home up to be baby or pet-proof making it much safer for the whole family.
Fixer-Upper Pros
On the flip side, here are some wins for fixer-uppers.
Make your budget work for you. If you’re on a tight budget or find that homes with modern tech blow past your limit, choosing a fixer-upper is your chance to incorporate those additions on your own. It will take more time and money but it is possible to expand your budget by spending less on the home itself and a good amount of it on renovations alone.
Add personal touches. About 60% of all homes bought get remodeled to an extent, no matter what they look like at the time. If you plan to renovate because creating a custom look is most important to you, buying a fixer-upper is an ideal option. You won’t be ripping up much that is brand new, and you’ll be able to add what you like throughout the home.
Live in the area you want. Have an area in mind but aren’t so sure you can afford it? If you’re open to buying a fixer-upper as is, you may be able to afford one in an area that would otherwise be out of your price range. This is something big to consider if certain areas affect your school zone, commute, safety, etc.
Move-In Ready Cons
Move-in ready may not be all that it’s cracked up to be.
Move-in ready costs more. Having all of the bells and whistles in your new home is exciting and fun. But many move-in ready homes are more expensive as those extra features and smart home technology really start to add up when it comes down to the total cost.
Less room for personalization. Unless you’re building your own home from the ground up, many move-in-ready homes have fixed features. This means these features intentionally fit into the home’s specific design and will be hard to impossible to change before buying it. Changing anything the house already comes with may require putting more of your budget into re-doing those aspects after you own it.
Homes in your area may not be consistent. The aesthetic of a new home can be exciting to think about. But keep in mind that many new builds may be surrounded by original homes, shopping centers, office buildings, and multi-family housing units. This is simply because a fair amount of new builds are purchased in older neighborhoods. With 5,766 Houston area home permits issued every month, there is no guarantee that the area around you will fit your stylistic choice.
Fixer-Upper Cons
Similarly, here’s the harsh reality about buying a fixer-upper.
Built-in tech is not always readily available. Whether you choose to DIY or hire a contractor to integrate modern additions into your home, you may find that it isn’t so easy to do. Many older homes or fixer-uppers don’t have the amount of electrical wiring or outlets to add a ton of technology. This may mean that you will need to use more of your budget to rewire or otherwise update the home to include tech-friendly features.
It takes work over time. Before you start thinking about housewarming invitations, it’s important to look over all that needs to be done. Then after speaking to contractors or consulting with yourself, you should come up with an estimated completion timeline. If renovations are fairly light, you might need only a few weeks to set everything up. However, many home renovations take anywhere from months to a year or more to complete.
Renovations impact everyone in the home. Exposed beams, nails, and other construction materials can be a safety hazard for yourself and your family. Especially if you have young children, undergoing a huge house renovation might be too much to take on all at once. Think about what your family needs before adding in wants or similar must-haves.
Team Up With A Local Real Estate Agent For Help
Still having trouble deciding between buying a fixer-upper vs. move-in ready home?
The Tomczak Team, SOLID Real Estate Services, works with you to assist in finding the right home for you, your budget, and your family.
Talk to The Tomczak Team, SOLID Real Estate Services today at (832) 458-8519 to get started!