Fixer-upper vs. New Build: The Difference
If you are only starting on your home search process, you may be just starting to realize that this can be overwhelming. There are a lot of decisions that needs to be made and it’s in fact easy to get sidetracked or discouraged. An effective way for you to set yourself towards success from the start would be to make it clear with your home search first and also with your end goals.
Identifying first your wants and needs is the best thing to start. Every property comes with its own pros and cons, but this however is based with your situation.
New Construction Properties
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. The new build homes actually have all of its systems new such as its electrical, plumbing, appliances and also other 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 actually are a lot of buyers who are drawn to new homes due to the reason that they are new. New home builders and developers are actually now designing homes meant to target the buyers.
Another option would be the fixer-upper. Properties like these could in fact encompass various types of property from a complete gut to a cosmetic fixer. If you are ever planning to make a purchase for a fixer-upper, some crucial considerations would be:
How much work are you willing to do and on how much work does it take to get a property 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 identifying properties to which 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 is also best if you work together with an experienced real estate agent that could help you in identifying suitable property.
Also, when you are planning to buy a fixer-upper, you need to consider your timeline and living situation while your home is still under construction. There are some buyers who are on a tight timeline or only have limited budget and are hesitant to get involved with large renovation projects due to unexpected expenses and likewise on unforeseen issues.