Whether you’re in the market for your first home, or looking for an investment property, one of the key things to consider is: how much work are you willing to put in once you’ve been handed the keys?
If you’re on the fence between buying a fixer-upper or a move-in ready home, here are some possible benefits and considerations for both:
Fixer-uppers
A ‘fixer-upper’ is a property which requires renovation and repairs before it can become a completely comfortable living space.
This type of home may be an ideal purchase for a first-time buyer or an investor, as it may allow for entering the property market with a smaller deposit or has potential to make a profit by renovating and reselling.
Benefits
Lower upfront costs
Fixer-uppers can command lower asking prices than similar homes that are move-in ready.
Personalisation and customisation
For some, the allure of a fixer-upper comes from the ability to use the home like a blank canvas, offering the ability to reimagine the space and customise it to their exact liking.
Adding value
Transforming a fixer-upper is typically a great way to achieve a return on investment, as there could be plenty of scope to add value to the property. From replacing outdated features to improving the home’s aesthetics, you can potentially stand to profit from a fixer-upper home when the time comes to sell.
Considerations
Time
Time is one of our most valuable commodities, and renovating a home can require a lot of it. If you’re hoping to move in and get settled down quickly, a fixer-upper might not be for you.
Costs
While the initial savings can be enticing, remodelling a home will incur costs so it’s important to carefully consider your financial standing before investing in a home which needs restoration work.
Move-in ready homes
‘Move-in ready’ is a broad term as it can cover many degrees of readiness. But fundamentally, a move-in ready home requires little to no maintenance or repair before its next owners can move in. The homes have plenty of appeal and buyers may be able to unload their furniture and get settled in right away.
Pros
Convenience
One of the key advantages of move-in ready homes is the convenience they offer, being available to live in means any smaller decorating tasks can be done with little delay or disruption.
Cost savings
While move-in ready homes may have a higher upfront cost, the expenses associated with immediate repairs or renovations are avoided.
Faster occupancy
The name itself implies that these homes are ready for move-in day. This can be advantageous for those who need to move quickly, whether due to job relocation or other personal circumstances.
Considerations
Higher initial price
Move-in ready homes often come with a higher price tag compared to fixer-upper properties. Prices take condition into account which also considers the convenience of not having to invest time and money into renovations.
Can you change the layout?
While move-in ready homes may be aesthetically pleasing, they could lack the level of customisation that buyers may desire. That’s not to say there isn’t scope to change things so consider the property as a whole and conduct viewings, investigations and searches.
Written by Durden and Hunt Director, James Hunt
Loughton Estate Agent, Hornchurch Estate Agent, Ongar Estate Agent, Wanstead Estate Agent, Canary Wharf Estate Agent
