Today is considered the right time buy a property. This is due to the incentives offered by both the government and the mortgage lenders. Additionally, there are plenty of cheap homes for sale nowadays. Deciding on what kind of property to buy can be quite confusing due to the many homes available. The usual concern is whether to buy or build a new home or to purchase a fixer upper home.
Fixer upper homes are those that require major repairs and renovations. These homes are not a good choice for those who simply want to buy a home to live in. Most people who purchase these homes are investors who plan on renovating it and renting it out or reselling it for a profit. In order to help you make a wise decision, below are the advantages and disadvantages of these two types of homes.
NEW HOME ADVANTAGES:
You are assured of the home quality since you are going to be the first occupant of a new home. You can be sure that all the items and materials are in good shape and condition and you need not worry on repairs.
The home could be custom made with your designs in mind or you can buy a home that is closest to your tastes and preferences.
These days, builders are using extra bracing and framing systems that could endure outdoor stress, an assurance that it possesses structural strength.
The improved and new heating and cooling systems of a new home offers greater energy effectivity and is an excellent way to preserve nature.
New homes offer more safety because most have hard-wired smoke detectors and more improved wiring systems and contains more outlets.
NEW HOME DISADVANTAGES:
New homes are definitely more expensive and you will have no idea on how the neighborhood will turn out most particularly if you are one of the first few buyers in the area.
Since new homes are smaller than older homes, they also have smaller bedrooms and other rooms inside.
Most modern houses have cloakrooms or bathrooms that do not have windows for natural lighting and ventilation. It is either too narrow or small to have an outer wall and thus a window.
New homes have a smaller parking area. You may find your car parked at your rear garden.
All new homes are subject to a minimum size requirement for its main entrance door, ground floor rooms and access doors.
FIXER UPPER ADVANTAGES:
These homes cost less and you can usually buy them at great discounts. If you have a limited budget, this proves to be a great choice.
A fixer and upper home in a good area guarantees a considerable income. You can be assured of a greater investment profit.
This kind of home has already established a character and a charm of its own. Its sash and bay windows, wooden floors and fireplaces are very in demand these days.
Most fixer upper homes are in a well-established place. You will be able to determine the type of neighbors and the entire community as well.
When you have done fixing this home up, its value will immediately rise and you can opt to rent it out or resell it at a higher value.
FIXER UPPER DISADVANTAGES:
You will have to spend thousands for the repair and renovation of these homes. Make sure that you do not spend more on repairs than the amount you paid for it.
More frequently, you will encounter problems in its roofing, foundation and the walls.
Matching home additions and changes with the rest of the home can be a bit complicated and you may find your improvements are limited.
A fixer upper home has a greater chance of infestations such as mold, pests and other problems such as leaks, which were uncovered during a home inspection.
In some housing market, the renovations and upgrades that you make on a fixer upper may not yield out your desired profit.
You should consider your resources and future plans before you proceed on buying either a fixer upper or a new home.
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