Should I Buy a Fixer Upper or a Move-In Ready Home in Oakville?

Move in or fixer upperAs you explore the market of homes for sale in Oakville, you will find both move-in ready homes that are either brand new or in like-new condition and older homes that are priced to sell and ready for some TLC. How can you decide between a fixer upper and a move-in ready home? We have some tips. 

You can begin by contacting us to learn more about homes for sale in Oakville and current market conditions. Keep reading for considerations to keep in mind as you decide what type of home to buy.

Financial Considerations

The budget for your home buying journey is obviously an essential factor in choosing the home you want. A common misconception is that a fixer upper is always the more affordable option, but in reality it is much more complicated. 

Fixer-uppers are typically priced lower than move-in ready homes, offering an opportunity for cost-conscious buyers to enter desirable neighborhoods. The initial investment may be lower, leaving room in the budget for renovations and updates.

However, renovations have a way of adding up and exceeding what you originally planned. There are increases in expenses from direct affects like discovering the need for more material or finding out there is a suprrise repair that must be completed, and then there are less direct results like more money spent on eating out or staying somewhere else when the project takes longer than expected to complete. You also have to consider where the funding for the project is coming from, factoring in whether you will be relying on cash or a loan.

A move-in ready home often requires fewer immediate expenses. With modern finishes and updated features, the initial costs are generally lower, allowing homeowners to allocate their budget to other priorities. You can also rest easy knowing the price is already set before you move in, all included within your mortgage. It is usually the option of the two that requires more upfront investment but is more predictable. 

Buyers should weigh the upfront cost against the convenience of having a home that requires little to no immediate renovations, and also their tolerance for home improvements, unexpected expenses, and changes in timeline.

Lifestyle

The appeal of a fixer upper often lies in the opportunity to make something totally your own, learn some new skills as you DIY some of the renovation, and to build equity with your own efforts. However, to make sure buying a fixer upper in Oakville is right for you, first you need to decide whether the home remodel process suits your lifestyle. 

Move-in ready homes provide immediate occupancy, saving buyers the time and effort associated with extensive renovations. This is ideal for those with a busy lifestyle, limited time, or a desire to settle into their new home without delay because of a personal deadline.

Fixer-uppers offer the opportunity for personalized design and upgrades according to the buyer's preferences. Those who enjoy the process of transforming a property can find immense satisfaction in creating a home that reflects their vision. However, keep in mind that renovations take an undefined amount of time, and living in a construction zone can be inconvenient or stressful, or even dangerous with young children in the home. Buyers must be prepared for potential delays and disruptions to their daily routine during the renovation process.

Assess Your Skill

DIY home renovation shows, blogs, and other online content have led to a revolution of home improvement projects don't by the homeowners. This is an exciting opportunity to make the home you want a reality without having to hire someone, saving money and adding a priceless sentimentality to the renovation. 

However, these online and TV representations can't tell the whole story. Renovating a home requires a certain level of skill, knowledge, and the ability to manage construction projects. Be honest with yourself about your capacity before embarking on the DIY journey.

Resale Value

In any real estate investment, it's always wise to consider resale value. The initial investment in a move-in ready home may be higher, and the potential for significant appreciation might be limited compared to a strategically renovated fixer-upper. However, a move-in ready home is still certainly poised to be a great investment. 

The difference is the dramatic expanse between what you pay for a fixer upper and what it is worth when you sell. The key is doing the renovation properly so the value jumps up as much as you're hoping. A well-executed renovation can significantly increase the resale value of a fixer-upper. However, not all renovations guarantee a positive return on investment. Buyers should carefully consider the cost of renovations against the potential increase in property value to ensure a financially sound decision.

Ready to find your home for sale in Oakville? Contact us any time.

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