Fixer-upper vs. New Build: The Difference
When you are only starting out on your home search, you probably may be starting to realize that it could become overwhelming. There are a lot of decisions that needs to be made and it’s in fact easy to get sidetracked or discouraged. One effective way of setting yourself to success from the start is to become clear with your home search and likewise on your end goals.
A good way for you to start is through identifying first your needs and your wants. Each property have its own cons and pros, but will however depend on the situation.
New Construction Homes
There are many buyers today who are actually drawn with the new build homes. This actually is due to the simple reason that it’s new. The new build homes actually have all of its systems new such as its electrical, plumbing, appliances and also other things. However, this is mostly likely one of the most expensive purchase that you can potentially make, but you are able to get peace of mind knowing that everything is new and will not need any immediate repair or any costly fixes.
There in fact are so many buyers who are drawn to new homes due to the fact that they are current. New home builders and developers are actually now designing homes meant to target the buyers.
The fixer-upper is another option to which is available. Properties like these could in fact encompass various types of property from a complete gut to a cosmetic fixer. When you are planning to buy a fixer-upper, the most essential considerations would be:
How much work you are willing to do and on how much work it takes to get a property where you actually want.
Are you willing enough to add or perhaps tear down walls or do you have plans to update surfaces and materials?
Then the challenge would be on the case of identifying properties that falls on that range.
If in case you have the plan for a fixer-upper, this is going to take a certain amount of vision so you could look at a property on its current state and to see what potential this has. It would be best if you work together with an experienced real estate agent who could actually help you to identify suitable properties.
If you are ever planning to make a purchase for a fixer-upper, it’s crucial that you consider your timeline and living situation while your home is still under the construction process. Some buyers who are on a tight timeline or have limited budget could be hesitant in getting involved in large renovation projects because of the unexpected expenses and also the unforeseen roadblocks.