Fixer-Upper or Move-in Ready: Which is Right for You?

There are plenty of homes out there where all you have to do is close the deal, deliver the furniture, sit down and hit the remote. These homes are ready to wear and there’s no need to make any modifications, never mind make repairs. Then there are those tired, run-down, worn out properties with creaking floorboards and leaky roofs. These are the fixer-uppers. Both homes have their upside and both, their downside. Which one is right for you will depend on how you respond to these pros and cons. In this post your friendly neighbourhood Etobicoke Real Estate agent Leslie Brlec will guide you through the advantages and disadvantages of both types of house.

Weighing the Different Types of Home With Your Etobicoke Real Estate Agent

The following look at the pros and cons of each type of house should help you decide which is right for you. Let’s start with the finished house.

The Ready to Move in House

With the ready to move in house there’s no muss and no fuss. Just set up the recliner in front of the flat screen and turn on the game. While that sounds just fine to many folks there are in fact two sides to every coin and so here are both the pros and cons of the move in ready home.

Pros

• It’s easy – The only ones who will break a sweat with this type of home are the movers and the kid who mows the lawn on Saturdays.
• All your expenses should be known quantities – There’s no weighing the cost of interlocking pavers against your desire for a vacation and no shelling out for a new repair every week.
• It’s safer – With a move in ready home you won’t have to worry about electrical fires from old wiring, health issues from persistent drafts, tripping over loose flooring or someone cutting themselves on a loose or protruding nail.
• It’s technologically ready – With many homes today you simply move in, contact the local utilities and get cracking with your broadband, satellite TV and other smart home features. With some fixer uppers you’re lucky if the light switch works.

Cons

• It’s going to cost you more – A home where every ‘i’ is dotted and every ‘t’ is crossed is going to cost you more than a train wreck of a house. Probably a lot more.
• It may be lacking in personality – Any Etobicoke real estate agent can tell you that these days a lot of new homes look alike. Sure you can just drop your bag and make yourself comfy but when you visit the neighbours you may think you never left your own house.
• Not a lot to do – Some find this an asset. Some however enjoy getting their hands dirty so they may find living in a home where everything is already done to be frustrating. Or at the very least something less than satisfying.

The Fixer Upper

Where would cable TV be without fixer uppers? In desperate need of programming. That said here are the pros and cons of the project home.

Pros

• They’re cheap – Or at least as cheap as a property can be these days. While a fixer upper will cost you plenty in the long run they don’t cost too much to acquire. Which appeals to a lot of folks.
• They’re a blank canvas – This is another huge advantage of the fixer upper in that you’re free to take it in whatever direction you want to go. Want to tear down that rickety staircase and install a spiral stairway? No problem. The only limit is your imagination (and your wallet of course).
• You’ll save on property taxes – Since property taxes are based on the home’s sale price you’ll get a break on property taxes if you picked up your fixer upper for a song. Something to give serious consideration to considering how big a hit property taxes can be.

Cons

• Things add up – While your upfront costs won’t be great all those repairs and renovations are going to add up over time.
• It can be dangerous – As we mentioned above a home with a lot of problems may also have a lot of hidden dangers that present a particular problem if you have young kids.
• It will likely be a long time before you have the home you want – You may have moved in with a vision of what you want to turn your fixer upper into but as any Etobicoke real estate agent familiar with the fixer upper can attest it may be years before your vision is reality.

If you’d like to discuss the relative merits of the different types of houses with the most knowledge Etobicoke real estate agent out there call Leslie Brlec today. She’ll make sure you find the right type of house for you.