Now that you have a better understanding of the different types of selling situations we may encounter, let’s discuss more about the homes you will be looking at, specifically a fixer upper versus a move-in ready home.
Fixer upper: This generally refers to a home needing some tender loving care. Whether it needs to be updated from 70s decor or walls need to be removed to improve the flow of the space, there will be some need for hard work on these types of homes. The advantages to a fixer upper is you can usually buy it for a great price and with the right updates, you can improve the value of the home tremendously. Another advantage is you have the choice to decide what goes in the home. You can really make it your own. Of course, a fixer upper also comes with its own risks. As you begin remodeling you may run into unknown hazards costing you more money than you initially budgeted. You must also decide if your current life circumstances would allow for a renovation.
Move-in ready: On the flip side, you could purchase a move-in ready home, which means the home is ready for immediate occupancy. Don’t let the term fool you, however. Move-in ready does not mean that you may not choose to make some updates that are appropriate for your family. You may choose to paint the purple kids room a more neutral color and use it as a guest room. Similar minor changes may be needed throughout the home. This type of home generally comes with a higher price tag as well because the hard work is already completed.
Weigh the pros and cons of each type of home to decide which one will better suit your needs and budget.