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Mortgages

New home or fixer-upper – Pros + Cons

May 23, 2018

New home or fixer-upper? It’s a question as old as time itself… okay not really, but it seems that this is always a topic of debate for anyone who’s in the market for a home. And no wonder! There are many pros and cons to each that every prospective buyer must take into consideration. But lucky for you, we’ve compiled a list of both so you can spend less time debating and more time actually purchasing the home of your dreams.

 

Fixer-upper pros

 

Cheaper

 

Because fixer-uppers require some work, they’re ultimately cheaper than buying a brand new home. If you’re someone who knows a thing or two about renovations, or has friends or family who are willing to help out (we recommend bribing with pizza!), then going the fixer-upper route is definitely something you should consider, especially if you’re on a budget.

 

Design freedom

 

The great thing about fixer uppers is that you’re able to put your own unique touch on your home! Whether you like things simple, elaborate, or somewhere in between, a fixer-upper allows you to be creative and in charge.

 

Less competition

 

The majority of people in the market for a home are looking for something move in ready, which means more options of fixer-uppers for you! You could even get into your preferred neighbourhood more easily, which is always a plus.

 

Fixer-upper cons

 

Time + work consuming

 

Let’s face it; fixer-uppers require work, time, and energy, which most people just don’t have. If you have a full time job, kids, and other responsibilities, a fixer upper could cause unnecessary stress. Even if you hire someone to do it for you, you’re still adding more work than is probably needed.

 

Going over budget

 

People assume that buying a fixer-upper may be cheaper in the long run, but this isn’t always the case. If you aren’t careful with the way you budget and allocate resources, you may end up spending more than anticipated.

 

Easy to overestimate your abilities

 

Did you change a light bulb once and now think you’re the king (or queen) of DIY? Let us let you in on a little secret… you probably aren’t. Watching a few YouTube videos is easy, but actually executing the work is a little more difficult and could lead to unnecessary headaches.

 

New home pros

 

Move in ready

 

Probably the greatest pro of a new home is the convenience and ease it offers to homeowners. After all, researching and finding the home of your dreams is a lot of work, and the last thing you want to do is start ripping out carpets or retiling the bathroom… movies and sweatpants here you come!

 

Environmentally friendly

 

If you want to be a friend to the planet, then purchasing a brand new home is one way to achieve this goal. Your new home will be loaded with energy efficient features that will not only help out the environment, but may end up costing you less in the long run.

 

Newest tech

 

Do you want to feel like a super cool tech genius in your own home? Well, you can, if you decide to buy new. Not only do brand new homes come with that new home smell, but also the latest technology.

 

New home cons

 

Expensive

 

You didn’t think that all the above features came at the low low price of free, did you? Unfortunately, brand new and environmentally friendly comes at a cost, and isn’t always an option for most people. (Unless you win the lottery, and in that case, go nuts.)

 

Less creative control

 

If you’re the type of person who likes to have complete control of every project you take on, then buying a brand new home may not be for you. Unless you have the cash to make necessary changes, we recommend building or buying a fixer-upper to add your own personal style.

 

Less character

Living in a brand new home sounds cozy, but often can feel cool and unwelcoming. There’s just something about older houses that make you think of home. And, if you’re a history lover, an older home will definitely have some interesting stories behind it.

 

Whoa, that sure was a lot to go through, but we hope it helped you reach a decision about buying a home. If you ever need to talk to someone about getting a mortgage or a loan for your next home renovation project, our lending associates are here to help! Come see them today and, from now until May 31, you’ll be entered to win $1000!

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