A lot of factors come into play when considering a home to call your very own. One of the choices many home buyers face is the decision to purchase a fixer upper or a property that is all set and ready to move into.
On the plus side a fixer upper is often cheaper. It clearly needs work done on it, so the owner isn’t able to sell it for the same premium price that a pristine, freshly renovated property could command. Depending on the work that needs to be done it also means you have a lot of control over making the place truly your own.
Alternatively, you may find something that’s not really a fixer upper, but it is for your purposes. This property is ready to move into, but is needs adjustments to make it suitable for your personal needs. For example it may have two large living areas, when what you really need is to make one of those rooms into two smaller bedrooms. Whether it’s the perfect location for you or is just the most suitable property in your budget, in your mind it’s still a fixer upper.
Then we have the property that is all set and ready to go. Perhaps the current owners have just completed their own renovations in the hopes of securing a premium sale price. You benefit from fresh work and upgrades. The house is ready to be set up and claimed and your own.
If you’re contemplating that cheaper fixer upper, make sure you consider:
- The practicality of living in the property while it is being worked on.
- Whether you can afford the cost of the necessary renovations, particularly any urgent ones.
- If you have the time to devote to renovations. It’s often a bigger task than people realise and there’s nothing worse than living in something that sits half done for years on end.
When working on projects invigorates you and you can confidently address each of these, then the fixer upper could be the perfect solution for you. If you’re like most people and the concept of renovations is brighter than the reality just think it through a bit more. It could be worth putting in that little extra effort, and perhaps a little more money, to find the ready to roll property that you can just move into without worrying about all the work to do on it.
Be a smart buyer and know your own capacity before you decide which property is right for you.