When you are in the market for a home, one of your biggest decisions will be whether you should buy one that is move-in ready or a fixer-upper. While both have advantages and disadvantages, there are certain factors you should consider to make sure your home buying experience is everything you expected.
If you don’t have much money to spend on buying your home, it may benefit you to buy a fixer-upper. In many cases, these types of homes can be purchased well below market value. Also, you may pay lower property taxes, so keep this in mind as well.
Do You Want to Move Immediately?
If time is a factor regarding your move, a fixer-upper may not be your best bet. Instead, a move-in ready home will give you and your family the chance to immediately get settled into your new surroundings, which may be crucial if you are relocating for a new job.
You May Not Save Money After All
While on the surface it may look as if you will save thousands of dollars by purchasing a fixer-upper home, it does not always work out this way. In fact, some research has shown that after doing a number of repairs on a fixer-upper, buyers often wind up spending about as much money as they would have if they had purchased a move-in ready home.
Creating Your Own Home
Whether you are a skilled DIY person or have the money needed to hire a home remodeling contractor, buying a fixer-upper will give you the chance to essentially create your dream home from the ground up. If this is your goal, finding a cheaper home with problems that can be fixed in a cost-effective manner may pay off in the end.
Since you will have many questions during your search for a new home, talk to your real estate agent as much as possible along the way. By doing so, you can narrow down your selections, learn more about the pros and cons of a fixer-upper versus a move-in ready home, and ensure that once you’ve signed on the dotted line, you’ll know you made the best decision for you and your family.