New Build or Fixer-upper – The Difference and Advantages
If you are only starting on your home search process, you may be just starting to realize that this can be overwhelming. There in fact are so many decisions that you have to make and you could easily get sidetracked or discouraged in the process. 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. Every type of property comes with its own pros and cons, which will however depend on your 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. New build homes actually have all systems new such as appliances, plumbing, electrical and others 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 are also a lot of buyers that are drawn to new homes because of the fact that they are current. The developers and home builders are in fact designing homes in order to specifically target buyers.
Another option that’s available is the fixer-upper. A property like this can actually encompass different types of homes from a complete gut to the cosmetic fixer. If in case you are planning to purchase a fixer-upper, some essential considerations are:
How much work are you going to be willing to do and to how much work does it take to get a property with where you want.
Are you also willing to add on or tear down walls or are you planning to update surfaces and also materials?
The challenge then is on the case of identifying properties that falls within that range.
When you are in the market for a fixer-upper, it will take a certain amount of vision in order to look at a property on its current state and then seeing what kind of potential it has. It’s actually best if you consider working with experienced real estate agents that will be able to help you in identifying 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.