AGENT LICENSE ID
10505
BROKERAGE LICENSE ID
10505
Lou Salvino
President
Office:
Phone:
Address:
7500 Martin Grove Road, Unit 7, 2nd Floor, Vaughan, Ontario
Ready or Not?
10/31/2013
Deciding whether to buy a fixer-upper or a move-in ready home isn't a question of which is "better", but rather which makes the most sense for you. To help you figure that out, consider the following questions:
- What's your budget? Move-in ready homes typically cost most that fixer-uppers, as they done need work. Plus, there can be more competition for move-in ready homes, which further drive up the price. With lower asking prices and less competition, fixer uppers can be a great way to buy into a neighborhood you otherwise couldn't afford.
- What is the nature of work needed? Are the problems with the fixer-upper largely cosmetic, or are they significant, such as poor plumbing or wiring? If the work needed is significant, the high cost of improvements may mean you'll end up spending more on the fixer-upper than you would have on a move-in ready home.
- Do you have the time and know-how to fix up a fixer-upper? If so, buying such a property can be a great way to get exactly what you want in a home while boosting its resale value. If not, you're better off buying a turnkey home, as having to hire contractors could negate any savings incurred by purchasing a fixer-upper.
- What are the neighborhood dynamics? Buying a home in an undesirable location of depriciating neighborhood is always a risky proposition, but this is especially true when buying a fixer-upper, as you are less likely to recoup your improvement expenses on a home in such a location or neighborhood.
