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Fixer Upper or Move-In Ready? Pros and Cons Explained by a Colorado Springs Real Estate Expert

When ready to purchase a new home, you can choose from something that needs a little or a lot of work, or something that is turn-key. It all depends on what your comfortability is, budget, and goals are. Some know that a fixer upper is the right option for them, which others need something that can be moved into right away. When trying to figure out which is best for your search, learn more about the pros and cons of fixer upper and move-in ready houses, as well as other important considerations from your Colorado Springs real estate expert.

Fixer Uppers

Fixer upper houses tend to be lower in price as they are in need of work. Some can be lived in during the renovation while others you will need to make fixes first. When choosing a fixer upper, you also will have the option for the Federal Housing Administration’s 203k rehabilitation loan if the house is in need of extensive work. This type of home is also beneficial for those who want to make a space their own. You have a clean slate, it is like a blank canvas. However, fixer uppers can be a lot of work. It is important to pay close attention to the home inspection to see what underlying issues the home may have to ensure you can afford it. You also need to make sure you have proper living arrangements as some fixer uppers tend to be large construction zones.

Move-In Ready

When choosing a home that is move-in ready, the moving process is simple. There is no work or waiting, and you do not have to worry about the same things you would when there is much work to do. The little to no amount of work needed for this type of home will help make the home purchase process much easier. Also, if you are looking to move quickly, you can count on getting to your next step when choosing a home that is move-in ready. When improvements do not need to be made and the home is in great condition, it will help to expedite the process.

Other Important Considerations

In addition to choosing the type of home you want to purchase, there are many other considerations to make. Ask yourself what type of neighborhood you would like to live in? What do you need in your area? It is also important to evaluate the area you live in. Many neighborhoods have homeowners associations, which may include monthly or annual fees. It is important to talk to your realtor to ask how many the fees will cost. It will help with your final budgeting. For more, look through the homebuyers’ walkthrough: considerations when buying a home from Investopedia.

As you work to find your home, make sure to review the top mistakes to avoid when looking for homes for sale in Colorado Springs. To get started on finding your perfect home, Marianne Farrell will help. With over 30 years of experience, Marianne knows the ins and outs of the industry to help you find your perfect home. Call 303-638-6115 to get started.