The time has finally come! You’ve decided to buy your own home. While it’s no easy decision to make – now you’re faced with another big question: should you buy a renovated home or a fixer-upper? There are a lot of factors at play when deciding which to choose, so read on and see which option may be best for you.

MAKE YOUR MARK

Fixer-Upper: The best part about a fixer-upper is that you get to renovate it and make it to your liking — from the finishes to the floor material, it’s all you. Needless to say, renovation costs can increase when you’re presented with numerous choices at climbing price points.

Renovated: If you don’t like having to put in the effort of deciding on specific looks and material, fully renovated homes have it all covered and ready. No need to worry about purchasing anything to finish off your home. However, it may not be in your favour when you move into a home that has laminate floors instead of hardwood, or wood shaker cabinets instead of high gloss finishes.

HIGH ROLLER

Fixer-Upper: Make sure there is enough room in your budget to cover what needs to be done. Realistically, homes that are in need of some love and care may cost you less upfront but can ultimately add up quickly – especially the unexpected costs.

Renovated: Of course fully renovated homes cost more than the run-down ones with poor foundations and leaky roofs – at least with renovated homes you don’t need to call for a crew of specialists!

LOCATION!

Fixer-Upper: Purchasing what some may call not the most flattering home on the street is a dream for many development companies. Sometimes, finding a home in your ideal neighbourhood is not possible and very expensive. Renovating a run-down home is a great investment.

Renovated: If you are willing to give up your usual desired area for a finished basement and large backyard, the move could ultimately pay off. Fully renovated homes outside of coveted neighbourhoods are truly also great investment options.

LIVING ARRANGEMENTS

Fixer-Upper: So, you’ve decided to fix up a home to your specific taste from scratch! Just remember that during the renovation process you will need a place to live and sleep at. If you’re thinking about living on a construction site – you may want to rethink your decision. Of course, paying rent and a mortgage at the same time isn’t a walk in the park either. Know your limits.

Renovated: If you like the sound of moving into your new home, unpacking all your boxes and bags, and sleeping at your new home on the very first night sound like something you’d like? Perhaps paying that higher price of buying a renovated home may be worth the convenience!

BACK-UP PLAN

Fixer-Upper: Evidently, the biggest risk about buying a tear-down is that you never truly know if you’ll run out of renovation money and have an uncompleted project. Finance issues are not always easy to foresee – overspending, other necessary payments, unexpected renovation costs. You’ll need to create a back-up plan that would fit your situation.

Renovated: Buying a renovated home comes with one big perk of not having to spend any money on upgrades for quite some time. What you invest now will pay off in worry-free home ownership.

If you’re still unsure whether you would rather have a fully renovated home or a fixer-upper – feel free to give us a call! We’ll help!