Should you buy a fixer upper or a move in ready property?

Fixer Upper

A fixer upper offers buyers a lot of scope for creating a beautiful home, but big projects aren’t for the faint hearted and need to be carefully considered before undertaking.

Pros

• You can potentially acquire a lot more property for your money if you are willing to put in the work.
• You can get your home to look the exact way you want it to.
• If you are careful with costs you could end up with a property that’s worth more than your original top budget.
• You might have your heart set on a particular area where house prices are typically out of your budget but a fixer upper could have all the potential in your dream location.
• If you have helpful friends and family or are adept at a bit of DIY then a lot of work can be done yourself to keep down labour costs.

Cons

• It can take a lot of time to get the property looking how you want it.
• Budgets have to be carefully planned so you can afford to do all the work that is needed.
• Even if you plan, hidden costs can crop up with plumbing, electrical and similar issues.
• Depending on how much work needs doing you might find the property difficult to live in during work being done on vital areas such as kitchens and bathrooms.
• If you have children, then undertaking a large project can be difficult to balance around busy family life.

Move in Ready

A move in ready property might need a few tweaks here and there to get it to your taste but overall offers a home that can see you settled quickly with minimal fuss or stress but they aren’t for everyone.

Pros

• Ideal for busy couples or families with children, a move in ready property ensures that you have less to worry about once moving day is out of the way.
• There is no need to constantly plan, budget or set aside money for big renovations.
• You can enjoy your time in your new home without the stress of continuous work going on.

Cons

• Ready to move in properties will likely be at the top of your budget so unless you wish to increase your outgoings further it can be harder to personalise.
• If you are not DIY minded or don’t have access to a handy friend or relative that has building, carpentry, electrical or plastering skills then big renovations and even small jobs can require professional help and can be extremely costly.
• Properties with hardwood floors, new bathrooms or kitchens might sound great but unless you absolutely love them and would choose them yourself you’re just paying for someone else’s style that you can’t afford to replace with your own.

The type of property you go for will completely depend on your individual situation, your budget and what you are looking for in your next home.
If you are time poor and have the budget for a turnkey property in your desired area, then a move in ready property will likely be your best bet.

If you are on a budget, enjoy a challenge and have the time, patience and energy to really get stuck into your project and see it through then a fixer upper could create your forever home.

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