The eternal home buying question—should you buy low on an older house and make the necessary upgrades yourself, or do you pay a little more and move into a home that’s already renovated? There’s plenty to be said about going the DIY route—and you can read more about that in a previous blog. However, there are significant benefits to moving into a home that’s already been renovated. Here are the top three reasons.
1. Move-In Ready
The biggest benefit to moving into a renovated home is that all the work has been done. Modernized homes might feature new bathrooms and kitchens, walls removed to create open space and upgraded electrical systems. Realistically, it’s much more practical to buy move-in ready rather than purchasing an older home that needs a bunch of TLC.
Let’s face it, the main resources that potential DIYers possibly lack is either time, money or both. Applying for expensive permits and scheduling inspections, purchasing materials and tools, vetting contractors and finding time to craft your project house around a healthy work/life balance are difficult. By eliminating these obstacles, you can move into your freshly renovated home one weekend and be kicking back watching football a week later.
If you need more motivation to choose a renovated home over a fixer upper, we suggest you watch Tom Hanks in The Money Pit so you can get a better idea of the work involved in DIY. The time and financial investment involved after purchasing a project home almost always exceeds expectations.
2. Energy Efficiency
Renovated kitchens, laundry rooms and bathrooms will, more often than not, feature new appliances, lights and plumbing that will lower your monthly electric and water bill. Many appliances are EnergyStar rated and lighting continues to improve its energy efficiency with compact fluorescents (CFLs) and light emitting diodes (LEDs). Also, washing machines use less water and energy to wash clothes and commodes now have two buttons to flush different amounts of water, depending on the need.
3. Knowing the Work Was Done Right
If you buy that fixer upper, you’ll need to evaluate whether it’s worth tackling the home’s repairs yourself, or if you need to hire one or more professionals to help complete the home’s renovations. It’s easy to get overwhelmed with projects you think are easy to finish—and multiple Home Depot runs later you learn looks can be deceiving.
Instead, you can receive some peace of mind knowing the renovations were done right by requesting all applicable paperwork on the renovated home’s inspections and permits. This requires much less elbow grease on your part and you can rest assured knowing that the work done to your renovated residence is top quality. Your real estate agent will be able to help you with the paperwork.
For more information on why buying a renovated home is preferable to purchasing a fixer upper, call Jim at 609-701-1000 or email Jim@FirstTeamRealtyExchange.com.