Fixer Upper vs. Move-in Ready -When you are buying a home, you would like to make sure the property that you purchase meets most of your needs. There are always diamonds in the rough, whether you are renting or buying your first home. It is worth noting that for some homebuyers in the country, buying a property that needs a bit of work is the ideal situation. For other people, getting a turnkey house that is move-in ready is often the only option they will consider. However, the important thing to know and understand is which the best fit is for you, what you really want out of your home and your budget.
We will discuss the benefit of both options so you can make a suitable decision.
Benefits of a Fixer-Upper
More Design Options
An important advantage of purchasing a fixer-upper is that you get a blank canvas. You have the full freedom to design your house that way you want if you go into a deal knowing you will spend money in order to fix it up. For example, if you would like to go bold with the kitchen, you may do it. And if you want an open concept, then you may do it as well. This is one of the best things about fixer-uppers; they let you tailor your home to your specific tastes, needs and preferences. Although it involves more work, it can be a great experience.
Taxes
When buying a home, real estate taxes are certainly another key consideration. It is worth noting that your local tax authority will determine your property taxes. This is based on your home’s sale price. And that means that your yearly property tax is usually considerably lower for a fixer-upper compared to the tax expenses on a move-in ready house. And in many cases, you can even qualify for a sizable investment tax credit based on any rehabilitation costs, as well, which can lower your expenses.
Benefits of a Move-in Ready Home
More Energy Efficient
Keep in mind that newer, move-in ready houses are usually more energy-efficient. And this is not just better for the environment, but it will also keep your utility costs down. As an energy-efficient home requires less energy to cool during the summer and less heat during the winter, it can save you a considerable amount of money, especially in the long run.
Convenient
Note that a move-in ready home is similar to purchasing an upgraded vehicle with all the bells and whistles. This is why when you buy a move-in ready home, you don’t have much to do but simply unpack your stuff and settle in. In most cases, everything in excellent condition, so there is less to spend on repairs immediately. And that is not all; all the appliances are also up to date and often new. You also won’t have to worry about the paint, trim, and other finish work as it is usually clean and in great shape.
Final Thoughts
Which is best for you, a fixer upper vs. move-in ready? You will find your dream home all over the country. Some can see it under a grungy looking Victorian. On the other hand, some see it in newer construction. As you can see, there are several benefits to buying a fixer-upper and a move-in ready home. You should go with the one that meets your needs and preferences.
