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Thinking About Buying A Move-In Ready Home Or Fixer Upper

new ready to move in home Minneapolis Minnesota luxury real estateBuying a house is no easy task if you’re capped at a specific price point. Even during the pandemic, home prices have increased at a rapid rate. A majority of first time home buyers lean towards move-in-ready homes for the convenience of exactly that: pack up your stuff and move right on in.

The daunting task of remodeling your home can steer away a lot of buyers, but there are pros and cons to both types of homes in this market. It may surprise you to learn that renovating an old home isn’t always cheaper if you happen to go over budget on your remodel.

There are advantages to buying and renovating a fixer upper, like choosing the finishings to make the home your style. To help you decide if purchasing a turnkey home or fixer upper is better, here are the pros and cons associated with both types of homes.

Know Exactly What You Are Getting Into

Way before making an offer on the home, figure out how much work the home will need and how much it will cost. If you have a contractor you enjoy working with, take them on a home tour. There will always be unforeseen expenses, so make sure you budget for that. Be sure to speak with your lender about financing options because some banks won’t mortgage a home that needs extensive repairs.

Renovations Can Be A Hassle

It’s a known fact that renovations are time-consuming and can be stressful. On average, it takes four to eight months to research, plan out and complete construction. Minor renovations wouldn’t be as bad, which involves installing light fixtures, fans, carpets, windows, or doors. If you’re not the type of person that enjoys a messy, under construction home for the better part of a year, you may be better off buying a move-in-ready home.

You Can Move Right In

One of the best things about buying a turnkey home is that you can start enjoying your new life as a homeowner right away. The most daring project you’ll have is unpacking your boxes and then painting a few walls if your heart desires. These homes are priced higher on the market, but it may be worth it for the convenience.

The Home May Not Be Your Dream Home

Although the home may be ready right away, it may not favor your interests. You might not like a particular countertop color or tile in the powder room. If you paid full price for the home, you might not have wiggle room to renovate for a few years. If you want the freedom of the cosmetic upgrades, you may opt for a fixer upper.

Still on the fence about which home is better suited for you and your family long-term? Our qualified real estate agents will help you decide. Let us help you narrow down the options and find your dream home!