Fixer-Upper or Move-In Ready: Which Home is Right for You?

When it comes to buying a home, there are various factors to consider. Of these, budget, location and size are all top of mind. And then, there's also the big question: do you buy a fixer-upper or a move-in ready home? Each option presents a distinct set of pros and cons. How do you decide which is best for you? The right choice depends on your budget, skills and patience.

A fixer-upper can be a fantastic way to get more house for your money. You might find a larger home or one in a more desirable location than you could afford otherwise. When considering a fixer-upper, the old adage "location, location, location" is paramount. If a house needs some work but is in a great location, it's a solid investment, as you can improve the home over time. Another thing to consider is the potential resale value. Smart and budget-friendly renovations can significantly boost the equity in your home. If you do opt to select a fixer-upper, it's important that you are prepared for the time and effort - as well as unexpected costs - that come with renovations. This path is best for homebuyers who are either handy and can do much of the work themselves or if you have a reliable team of contractors who can bring your vision and remodel plans to life.

If you opt for a move-in ready home, that selection can offer immediate gratification and less stress. However, you will pay a premium for a house that is ready to go, updated and functional. Chances are, this means no major repairs, no living in a construction zone and no unexpected budget-busting surprises. If you want to settle in quickly without the hassle, time and work that comes with a remodel, the move-in ready route is for you. Yes, you will pay more upfront, but you will save both time and money that would otherwise be spent on renovations. The trade-off for this? It may mean purchasing a smaller home or one in a less-than-ideal location for the same price as a fixer-upper in a prime spot.

Ultimately, the choice is a personal one.

If you have a clear vision, an allotted budget for renovations and the patience for a project, a fixer-upper can be a rewarding way to build equity and create a home tailored to your tastes. If you prefer convenience, a predictable timeline and want to start living your life in your new home from day one, move-in ready is the way to go.

My advice? Weigh your priorities, and you’ll find the perfect match for your homeownership journey.

Want to learn more? Get in touch with me at jennifer@frontagencymt.com.

-Jennifer