You’re looking to buy a home. You’ve searched the online listings. You’ve come across more than a few of those slightly run-down but downright cheap homes.
Now, you’re wondering: are fixer-upper homes worth it? The answer is a bit complex, so we’re going to cover it in detail below that how to fixer upper homes. Let’s go! Move-In Ready vs Fixer Upper Homes: Your Options in Phoenix, AZ
The Pros of Move-in Ready Homes
Move-in ready homes come with several pros. We’ll discuss the most prominent of these pros below.
They’re Ready Now!
The most obvious upside to move-in ready homes is that they’re, well, available now. They don’t require any touchups. As soon as you’re done storing your possessions and positioning your furniture, your home will be ready to go.
Sure, you might have to make upgrades over the years. But for the foreseeable future, you have a high-quality and well-functioning home from the start. No spending your weekends on tearing up flooring and replacing appliances.
They’re Easy to Finance
If you’re like most homebuyers, you’re going to be financing your home. If so, you should know that it’s much easier to finance a move-in-ready house.
Why is this? Because all you have to do is pay the mortgage. There’s no need to take out additional loans for construction or similar purposes. Establish your mortgage, and you’ll be good to go for the next 15 to 30 years.
The Cons of Move-in Ready Homes
Though they offer a wide variety of benefits, move-in ready homes have some downsides as well. These include the following.
They Cost More
Perhaps the most obvious con of a move-in ready home is that it costs more than a fixer-upper home, at least initially. That means a larger mortgage payment and a more significant financial burden overall.
It’s important to note, though, that over time, move-in-ready homes can end up costing less than fixer-uppers. After all, they don’t require any extensive work. As such, if you have plenty of money in the bank, they’re usually the better bet.
They Don’t Allow for Customization
A move-in ready home has already been tuned up for you with all of the bells and whistles. The trouble is that these bells and whistles might not be the ones you’re looking for. So, yes, you might be moving into a fully prepared home, but, unfortunately, it might not match your exact aesthetic preferences.
Unless, of course, you tear it apart and start anew. But that would defeat the entire purpose of buying a move-in ready house.
The Pros of Fixer Upper Homes
Though they have some obvious downsides, fixer-upper homes come with quite a bit of benefit as well. The biggest of their benefits include:
They Allow for Customization
Move-in ready homes don’t allow for much in the way of customization. Fixer-upper homes, on the other hand, allow for a great deal of customization.
Want blue siding? Your fixer-upper home enables you to install it.
Hoping for a hardwood floor? Your fixer-upper home puts you in the position to implement it.
Want brand new appliances? You’ll feel much better about buying them after having gotten such a great deal on your house.
They Could Potentially Save You Money
If your goal is to spend as little money as possible, buying a fixer-upper home might be the right decision. These homes come with much lower purchase prices than do move-in ready homes. So, if you can make the necessary repairs and replacements at a minimum cost, you can typically save a bit of money.
The question lies in how much you can save. In the best-case scenario, you’ll only need to make cosmetic repairs, allowing you to save tens of thousands of dollars.
Unfortunately, however, that scenario doesn’t play out often. Frequently, fixer-uppers require extensive repairs, from new electrical work to new plumbing to a new HVAC system and the like.
If you’re not careful, you can end up spending more on a fixer-upper home than you would on a move-in ready model.
The Cons of Fixer Upper Homes
Fixer-upper homes have some obvious (and not so apparent) cons. The most significant downside of the fixer-upper home will be reviewed below.
They Necessitate Additional Work
The most obvious con of buying a fixer-upper home is that it will subject you to a great deal of additional work. This work could include anything from replacing the floor to patching up drywall to power washing the siding to replacing appliances and more. All told, facilitating this work could add take up weeks and even months of your life.
If you’re not a particularly handy person (or if you don’t like doing handy work), you may consider to avoid fixer-uppers entirely. Any potential cost savings aren’t substantial enough to justify the time and effort that goes into refurbishing a fixer-upper home.
They Don’t Always End Up Being Cheaper
The primary point of buying a fixer-upper home is to save money. What you might not realize, however, is that fixer-uppers don’t always end up being the cheapest options. What you might think you can repair for $20,000 could end up costing $30,000 or $40,000 and maybe even more.
If you are going to buy a fixer-upper, make sure that you’ve assessed the home carefully. Do the appropriate math and make sure that it’s a worthwhile investment.
Looking for Homes Currently?
Are you searching for homes currently? If so, and if you’re searching for homes around Peoria, Arizona, our site is the place to be.
Our listings contain both move-in-ready homes, new builds, and fixer-upper homes. Regardless of your budget and preferences, we’re sure to have a home that suits you.
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