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Move In Ready vs. Fixer Upper Homes

Thursday, April 28, 2022   /   by Margie Wright

Move In Ready vs. Fixer Upper Homes

There are a million questions to think about when house hunting. There are so many things to consider, but one of the first ones to consider is whether you want a home that is move-in ready or a fixer upper. Each option has its pros and cons, and each option also has a different price tag attached to it. If you're wondering which option may be right for you, then keep reading!

What is a fixer upper?
A home that's described as a fixer upper is normally a livable place but needs significant maintenance work. This includes redecoration, redesign, and even reconstruction. Each one, though, is different. Some really only need cosmetic updates. Some need a pretty deep clean. And then others could have more severe problems like mold or structural flaws. Everyone's definition will differ, with some people viewing the same house in two completely different ways about the level of fixing it needs.

What's a move-in ready home?
This definition also varies depending on who you ask. However, move-in ready, at the core, means the current state of the property is ready for immediate occupancy. On a more broad level, it normally is used to describe a house that doesn't need any major renovations or updates prior to moving in. Turnkey homes are more likely to have key features, like modern appliances, updated flooring, and sleek interior design. This can be appealing to many homebuyers, but it can also mean an increase in price.

Pros and Cons of Move-In Ready Homes
Immediate move in: A home being move-in ready means that you just have to get your items moved in, boxes unpacked, and can enjoy your home immediately.

Fewer surprises: Move-in ready homes are safe for immediate move in. With the proper inspections completed, you can expect far surprises that could end up costing a lot of money and time to fix.

Easier to stick to budget: Since these homes don't typically need major renovations, you won't have to worry about going over budget during construction. You'll be able to be more confident in your original budget plan.

May be easier to qualify for a loan: Move-in ready homes are less risky than fixer uppers to mortgage lenders. This can make it much easier to apply for a home loan since the lenders will know that the home will be safer and not pose as many risks.

More expensive: Move-in ready homes are often more expensive than fixer uppers because they're already completed with more of the modern, up-to-date things that buyers want. This means that the value of the home has increased.

Limited customization opportunities: You'll still have free reign of interior design, but you'll be stuck with the home as is unless you want to put in the money to change things up. Changing the floor plan could be difficult and costly with all the work that's already been done.

Lots of competition: You'll likely be facing more competition and have a challenging time buying a move-in ready house because this kind of house appeals to so many people. With several people looking for similar things, the house you originally wanted may go off market pretty quickly.

May not find a truly move-in ready home: Depending on the houses currently on the market and your own preferences, you may not find a home that is truly move-in ready. There may be some level of renovation that has to happen.

Pros and Cons of Fixer Upper Homes
Better value: Oftentimes, fixer uppers are sold at a lower price than turnkey homes. This lower price does mean that you'll be spending more in time and money on getting the house in better shape. However, you may be able to find a house in a great neighborhood for a fraction of the cost if it needs renovations.

More personalization: Because the home would need renovation, that gives you the opportunity to tailor it to your personal needs and style.

Investment opportunities: If you want to make money back on a fixer upper, transforming the home into a turnkey property can be a great investment opportunity. 

May need temporary housing: The home likely won't be livable during construction. If that's the case, you'll have to consider moving in with friends or family, or finding a short-term rental space. That can get expensive very quickly. That temporary housing could become long-term depending on the renovation process.

Unknown problems: During demolition and construction, it's quite possible that you'll find significant issues. These can include structural flaws, asbestos, mold, etc. These problems are costly, and they also will force you to redo your schedule on timing.

  homes, homeowners, tips, homebuyers, buyers, interior design, renovation, fixer upper

Hurst Real Estate and Auction - Margie Wright Property Marketing Group
Margie Wright
221 East Main Street, Suite 103
Morristown, TN 37814

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