The pros and cons to purchasing a fixer-upper versus a move-in ready home are many - it all depends on you and your family’s wants and needs. Take a look at this breakdown of the benefits and drawbacks of each to help you make the final decision when shopping for a home:
Home price: The price of your future home will fluctuate dramatically when shopping for a fixer-upper or a move-in ready home. You will more than likely have a lot more flexibility on the location and size of your home when you are leaning towards a fixer-upper, whereas a move-in ready home will limit your location and size...depending on your budget. The importance of location, land, and overall size of your home will affect this decision greatly.
Competition you’re facing: Most people are looking for a move-in ready home, so when you are searching for a fixer-upper, the competition is much more slim. If you are ready and willing to put in the elbow grease for a fixer-upper you’ve been eyeing, rest assured that you are more than likely able to get the home of your choice.
Personalization and time: These two factors offer the most leverage when a homebuyer is shopping for a home. If you are looking for a quick and easy move, then a fixer-upper will not be the choice for you. If you are currently renting, with a flexible landlord or lease, then putting in the time and effort to find a fixer-upper and remodel to your family’s specifications may be well worth the time and effort.
There are so many factors that go into place when finding your dream home, make sure you do your research for everything you want and need, to ensure you make the most educated decision possible when it comes to determining whether or not you are ready to take on a fixer-upper or find a move-in ready home for you and your family.