Turnkey or Fixer-Upper – now that is the question!!!
We’ve all seen the home design shows that turn old ragged houses into stunning, modern, and even a little over the top, homes.
- How do they do it… and on such a small budget?
- What’s right for you? Should you buy a move-in-ready home or one that requires some much-needed TLC?
Homeownership.ca states that you should consider these 3 components when making the decision whether to purchase a turnkey home or a fixer-upper:
- Financial Consideration:
Compared to a freshly remodeled home, a fixer-upper will get you more bang for your buck, allowing you to purchase something bigger and/or in a more established neighbourhood.
On the flip-side, renovations are costly and can uncover unbudgeted issues that need fixing, even if a professional home inspection was done.
In either case, we always recommend you hire a professional home inspector to evaluate the home and identify, as much as possible, any issues the house may have.
- Lifestyle Considerations:
A turn-key home allows you to start getting settled in as soon as you move in.
A fixer-upper might require you to find other accommodations, for a short period of time during the renovations, or may require you to live in a construction zone for some time.
Renovations are dirty, encumbering and can be extremely stressful. Choosing to purchase a fixer-upper means living through the difficult times in order to reap the benefits later. We can help make you aware of what it all means and help you decide whether you are willing to go through it or not.
- Logistical Considerations:
A more cost-effective way to fix up a property is doing it yourself (DIY). A DIY project of this scope requires a lot of resources, often limited to homeowners, such as time.
Hiring professionals to do the renovations reduces the time required on your behalf but increases the budget.
Either way, resources need to be invested in the fixer-upper that would otherwise not be required from a turnkey home. If a fixer-upper is right for you, we can help you make the right decision on professional or DIY solutions.
We can help:
Buying a home is a big decision and adding yet another decision on top of it can add more stress to the process. We can help you through it all to make the process a more pleasant one for you and your loved ones. Contact us and we will ask you the right questions to help you make the best decision for you and your current and future situation.