Friday, November 18, 2022 / by Laura Larson
This guide is an attempt o help you decide what kind of home is best for you. It will define move-in ready and fixer-upper homes, list some of their top benefits and drawbacks, and even tell you where to look for them in your neighborhood. Let's get going.
'Move-in ready' can mean different things to different people. Move-in ready essentially means that the home is in a condition that allows for immediate occupation. The phrase, however, is more commonly used to describe a home that doesn't require any significant repairs or aesthetic changes before a person moves in. Turnkey homes are more likely to have desirable features like contemporary appliances, fresh flooring, and slick interior decor.
Move-in ready homes: benefits and drawbacks
A remodeling project may be the last thing some homeowners want after house hunting, home inspections, bidding wars, and other procedures. You can unpack your boxes and start living in your new house as soon as you make the purchase. Homes that are ready for immediate occupancy are secure. If you conduct the required inspections, you can anticipate fewer unpleasant surprises, such as a foundation problem or septic tank issue that could take a long time and money to remedy.
Sticking to your budget would probably be simpler for you if you purchase a home that is already furnished. You won't have to worry about exceeding your budget because these homes typically don't require renovations. Since mortgage lenders typically view move-in ready homes as a less risky investment than fixer-uppers, you might have an easier time qualifying for a loan. If you're buying a turnkey home, it may be simpler for you to apply for a mortgage because of this.
Lots of competition: Many prospective homeowners are drawn to the advantages of a move-in-ready home. Due to the intense competition, you might find it more difficult to acquire a house as a result. Depending on your preferences and the homes that are currently on the market, you might not be able to find a home that truly meets your needs without any renovations.
Fixer-upper homes' benefits and drawbacks
Better value: As was already noted, turnkey homes are frequently sold for more than fixer-uppers. If you have the time and resources to invest in a fixer-upper, you can purchase a sizable home in a desirable area for a significant discount. A fixer-upper gives you the opportunity to customize your home to suit your preferences and needs.
Opportunities for investment
You might require temporary accommodation because you might not be able to stay in your house while it's being renovated. If that's the case, you'll need to find a temporary housing option, such as relocating with family or renting an expensive short-term home. Who knows how long you'll have to live in your temporary housing if issues occur during the renovation process. In addition, it's impossible to truly know what you're getting into. Significant problems like structural flaws, asbestos, mold, etc. might be discovered during demolition, which could quickly deplete your budget.
Some mortgage lenders might consider the renovation of your home to be a risky investment. They might decide not to finance your purchase as a result, or you might have to use more expensive loan options.