Hunting for a new home usually comes with a checklist of must-haves and features to avoid. One of the items at the top of that list is the state of readiness you want your new home to be in. Choosing something turn-key or a home that will require renovations both have their benefits and drawbacks.
To make your home search a little more focused, here are some of the pros and cons of shopping for fixer-uppers and move-in-ready homes to guide your search in the right direction for you.
What is a Fixer-Upper Home?
If you watch home renovation shows or have looked at fixer-upper homes before, you can picture what they likely look like. There are varying degrees of fixer-uppers. Sometimes the fixes are aesthetic because of dated styles, while others need complete overhauls.
While most fixer-uppers are completely livable, sometimes you need to do immediate updates for safety or comfort. Whether you need to install new windows before winter or want to knock down walls for flow, some fixes need priority over others.
Pros of a Fixer-Upper Home
- You can personalize the house. When you’re buying a fixer-upper, it’s the perfect opportunity to add features that fit your specific needs.
- It’s often a better value. Buying a home that needs a lot of work tends to be priced better than move-in-ready homes. If you factor in the time and money that will go into making your home complete, it’s often a better value.
- It can be an investment opportunity. Flipping a fixer-upper can have excellent resale value if you follow home trends and stay on budget with fixes.
Cons of a Fixer-Upper Home
- You never know what hidden problems lie. Even the most thorough home inspection can’t see through walls. If you’re buying older, there’s more significant potential for unexpected problems – asbestos, structural issues, code violations, and other problems need to be addressed immediately and can be costly.
- You may not be able to move in immediately. Depending on the problems discovered and the intensity of the work that needs to be completed, living on-site may not be possible. Having an alternative temporary living situation may be necessary, but it can also be costly.
- It’s a lot of work. Doing the whole project yourself can take up a lot of time and sweat equity – it’s a commitment to sacrificing nights and weekends to invest in your new home. Even if you hire contractors, you’ll be responsible for managing the renovations, which can be a time commitment.
What is a Move-In Ready Home?
A move-in-ready home can mean as little as it’s immediately ready for occupancy, but more commonly, it means there are no significant renovations or cosmetic updates needed. Turn-key homes tend to have everything a homebuyer wants or needs already, so there’s no additional investment of time or money to put into the house.
Pros of a Move-In Ready Home
- Easier to stay on budget. With a move-in-ready home, you don’t have to keep room in your budget for repairs or renovations.
- It may be easier to get financing. Fixer-uppers can be riskier, so when applying for a mortgage, it’s more straightforward for you and your lender to secure financing on your home purchase.
- Ready for move-in immediately. The home buying process can be long and tiring, so being able to move in right away and reap the benefits of your home is incredibly appealing to buyers.
Cons of a Move-In Ready Home
- There’s lots of competition in the move-in ready market. A lot of other home buyers are looking at move-in-ready homes too. The sale of these homes can move at a fast pace. Be prepared to make decisions quickly, so you don’t miss out.
- Less chance for customization. When shopping for move-in-ready homes, buyers don’t have the opportunity to customize their homes beyond decoration, basic painting, and furniture.
- More costly to buy move-in ready. When shopping for a move-in-ready home, you’re paying for convenience. Buying a home that’s turn-key is more expensive than buying a fixer-upper.
Bottom Line
Whatever you choose, Sarasota Realty has listings to show you the move-in-ready home you’ve been seeking or a fixer-upper that needs some extra attention. Contact us to discover all of our current listings.
