Shows like HGTV’s “Fixer Upper” have popularized the idea of buying and renovating the worst house on the best block. Homes that need major remodeling, however, aren’t for everyone. Sometimes a move-in ready house is a better option. Whether you’re a first-time home buyer or a seasoned investor, it’s important to understand the pros and cons of each.
Pros of Fixer-Uppers
Lower price — Homes that require some updating tend to be priced lower, and many renovations can quickly add value to your home.
Creative control — When you’re the one in charge of updating your home, you can customize it however you choose.
Delayed move-in — The planning and work involved to fix it up can significantly delay your move-in date.
Unexpected costs — No matter how well you plan, major renovations are always subject to unforeseen expenses.
Pros of Move-In Ready
Energy-efficient technology — New and renovated homes are often outfitted with the latest energy-efficient options when it comes to kitchen appliances and heating and cooling systems, which can save you money over time.
More expensive — To recoup the costs of updating, sellers often price move-in ready homes much higher. These homes also don’t allow for easy customization.
Questionable quality — When you’re not there to oversee the update process, you’re unable to ensure that high-quality work and materials are used for your home