When you're house hunting, one of the biggest decisions you'll face is whether to buy a fixer upper or a move in ready home. Each option has its pros and cons, and the right choice depends on your budget, lifestyle, timeline, and risk tolerance.
Let’s explore the key differences — and how to determine which type of home is right for you.
The Fixer Upper: A Project with Potential
A fixer upper is a property that needs repairs or renovations before it’s fully livable or up to modern standards. These homes are often priced lower than comparable move in ready homes, making them appealing to buyers looking to build equity through renovations.
Pros of Buying a Fixer Upper:
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Lower purchase price: Fixer uppers usually cost less upfront, which can make it easier to enter the housing market.
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Customization potential: You get to design your space your way — from kitchen countertops to bathroom tile.
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Potential for value growth: Renovating smartly can significantly increase the home’s market value, giving you a return on investment (ROI) down the road.
Cons to Consider:
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Renovation costs: Repairs can add up quickly — and unexpected issues (think plumbing or structural problems) can blow your budget.
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Time and effort: Managing contractors, permits, and projects takes time and energy.
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Financing hurdles: Some lenders may be more cautious with fixer upper homes, and you might need a renovation loan like an FHA 203(k).
The Move In Ready Home: Convenience & Comfort
A move in ready home is just that — ready for you to unpack and start living. These homes are usually updated, clean, and functional without requiring major repairs or renovations.
Pros of a Move In Ready Home:
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Immediate comfort: No delays, no mess — just move in and enjoy your new space.
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Less stress: You won’t need to worry about managing contractors or construction noise.
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More predictable costs: You’ll likely face fewer surprises in the first few years.
Cons to Consider:
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Higher upfront cost: Convenience often comes at a premium.
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Limited personalization: The finishes and features may not align perfectly with your taste.
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Lower ROI potential: Since you're buying a finished product, there may be less room to boost value through upgrades.
So, Which One Is Right for You?
Here are a few questions to help guide your decision:
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What’s your budget? If your budget is tight, a fixer upper might allow you to get into a larger or better-located home — as long as you're prepared for renovation costs.
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How much time and energy can you invest? If you have a full time job or young kids, managing a major renovation could be more stressful than it’s worth.
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Are you handy — or do you have a trusted contractor? DIYers can save money, but if you're not experienced, you'll need a reliable renovation team.
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How soon do you need to move in? If you're relocating quickly or need housing ASAP, move in ready may be the way to go.
Final Thoughts
A fixer upper can be a rewarding project with the potential for long term financial gain, while a move in ready home offers ease and peace of mind. The best choice depends on your personal goals, lifestyle, and resources.
If you're unsure which path to take, a local real estate expert can help you weigh the options and find a home that fits your needs.
Need guidance on your home search?
Contact us today — we’d love to help you find a place to call home, whether it needs a little TLC or is turnkey perfect.
