Fixer Upper vs Newly Renovated Property
What is Better?
A common dilemma among homebuyers is whether to buy a house in need of renovations, or to buy a newly renovated property. In this article, we will explore the pros and cons of each of these options, so you can make an informed decision on what is best for you.
What Should You Expect From Purchasing a Fixer Upper?
- One of the benefits of going the route of a fixer upper is that you get to customise it the way your like. From changing the layout to expanding the living space, to picking and choosing finish materials.
- When you choose to renovate, you have an advantage of paying less for a house which could be located in a best neighborhood. Keep in mind, however, that rarely does the construction go perfectly smooth and there is always a chance of discovering issues with the house in the course of the renovation.
- This needs to be considered when projecting the equity of the house in a long-run and, perhaps, recalculating the budget to fund the renovation. Carefully weight your living arrangement options during the construction period. Staying in the house for the renovation period could be dangerous, especially for children. On the other hand, paying mortgage and rent at the same time may be too costly.
- Be wary of the unexpected additional construction costs or unforeseeable financial issues such as job loss or disability. While unforeseeable life complications are fairly rare, they may entail many things, but in the realm of buying a new home, this could even mean selling a partly renovated house which can present a new set of difficulties on itself.
- Older homes in need of renovation are generally located in older neighborhoods that are often close to city centers. However, some of the older homes, in addition to their charm, are designated as “historical” structures. In that case, any alterations could be problematic without the required City approval. Furthermore, older houses are likely to require removal of asbestos, lead paint, and other toxins.
- Most importantly, carefully choose a General Contractor whom you trust to do the renovation. Many of the above-listed pitfalls are minimized if your are working with professional and trustworthy company. Many happy clients agree that Precision Home Design & Remodeling is excellent through and through. The company specializes in complete home remodeling and new build. Their client-centred approach is proven to be the best among the comparatives. The end results exceed even the highest expectations. Precision is the most transparent construction company in San Diego that always stands by the set timelines and offers utmost professional customer service. Finally, Precision develops an individualized renovation plan for every customer using innovative technologies and provides the necessary information to client that helps make an informed decision.
What Should You Expect From Purchasing a Newly Renovated Property?
- An important advantage of newly renovated properties is that they are typically a move-in ready homes.
- Such properties are more likely the embodiment of modern styles and trends. You just have to pick which one is right for you.
- Newer properties require less maintenance over the years of ownership. Generally, these homes already have new appliances, AC, updated electrical panels, and plumbing. Additionally, newer built homes or newly renovated properties are safe from asbestos and lead-based paint. These advantages are, of course, reflected in the selling price.
- When considering purchasing a newly renovated house, it is important to check permits for the added space, kitchens, and bathrooms, or wall removals as well as to inquire about warranties.