Your home search comes with endless opportunities. There are so many avenues for you to pursue to find and create the home of your dreams. From building a custom home, finding a fixer-upper with good bones, or moving into a turnkey home, you’ve certainly got plenty of choices. If you are choosing between a fixer-upper and a turnkey home, don’t fret. I’ve lived in many places across the country, and have gone through the home-buying process myself. Below are a few pointers on how to choose either a fixer-upper or a move-in ready home—be sure to keep these things in mind throughout your home buyer journey.
Price Point
Figuring out your price point is important. Both turnkey homes and fixer-uppers come with their own price considerations. A turnkey home in the same neighborhood as a fixer-upper tends to be more pricey. If you are smart and strategic with your upgrade, you may be able to achieve the same look for less.
However, this is not always the case. Fixer-uppers do open up a lot of room to go over budget. It can be tempting to pick expensive materials or have hidden expenses come up along the way. For instance, older homes are prone to heating and cooling issues, and replacing something like an HVAC unit can make your reno more expensive than you anticipated.
You also don’t want to overspend on a move-in ready home. Turnkey homes with the latest finishes, appliances, and modern features can be quite expensive. It’s important to establish a firm budget before creating your home wish list. To stay within budget, try getting preapproved for a mortgage. Knowing what exactly you can afford will help you be realistic when looking at properties and not be tempted to overspend. Understanding the cost obligations as a homeowner can better help you look at what is a good price point for either type of home.
Design Style
Design can make you fall in love with a home. I’m sure you have your dream design already in your head, and you’re picturing what walking through the door of your ideal home would look like. When it comes down to it, design wins people over. Now how does design play into both fixer-uppers and turnkey homes? With a move-in ready home, it can be so refreshing to see fabulous updates. You won’t have the headache of going through the design process, meeting with remodelers, or having to wait.
Even if it is up-to-date, however, someone else chose the finishes. Perhaps you really want to put your own stamp on your home. If that is the case, then a fixer-upper is a blank slate that you can do whatever you want with. There are plenty of fixer-upper design trends for inspiration. By incorporating your unique style choices, your remodel can turn any home into a family home. You get to pick everything that goes into the design. So think about how custom you want your design to be, and that can help you figure out what is better for you.
Time Consideration
Your timeframe for having a home in the condition you want it in can really help you figure out what is best for you. A turnkey home won’t present you with any major projects, and, rest assured, you can move right in and have a design you already like. However, a fixer-upper does not necessarily mean it will take you too long to achieve your desired look either. It depends on how much work needs to go into it.
If there are not too many major projects, then I would not let time be a deciding factor. However, if the home is in need of an overhaul, then think about if you are going to be patient enough to live in a construction zone. If you don’t mind waiting to have your gourmet kitchen, then opt to fix up a home. Choosing between a fixer-upper and a turnkey home definitely has a time consideration.
Location
A major factor in helping you with your decision is a home’s location. There are different things to look out for as far as a home’s location goes. Do you want to live close to friends and family to be able to spend more time with them? Are there certain schools or places you want to be close by? Or, if you are retired, do you want to be a short drive away from your grandchildren? Think about these questions and what is meaningful to you in terms of a property’s location.
Why should you ask these questions? That’s because location can completely change the way you feel in a home. An older home in the perfect neighborhood can be spruced up, but a renovated home, no matter how beautiful it is, cannot just be picked up and moved. So make sure all the bells and whistles are not distracting you from seeing all that comes with the property. However, if location is less important to you, then settling on your second choice neighborhood may be worth it to get that sparkling new interior.
Finding the right home for you and your family is one of the biggest decisions you can make. Be sure you are thinking about the future and choosing a property you will enjoy years from now. Either an updated home or one that needs a little TLC are great options that could end up being the home you will cherish. Think about it, talk it over with the ones you love, and don’t forget your Fab Grandma’s advice. Remember to have fun when considering a house that can become your home. Whether choosing between a fixer-upper and a turnkey home, you make it yours in no time!
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