Real Estate Rehab - When Not to Buy That Fixer Upper (Rehabs)
Buying a new home is like shopping in a candy store. There are so many different homes on the market and so many different home styles that much care should be taken before choosing that final home for purchase. One of the careful considerations will be between a new build and an established home. The new build will require less work and be move in ready, but, the fixer upper provides character and charm.
When choosing between a new build and a fixer upper, it is important to take these tips into consideration.
Do you want the work? A new build will not require any additional work to make the home live in ready. A fixer upper, however, may require months of labor and renovations in order to meet your needs and the needs of your family.
Do you have the money? When buying a home, many home buyers spend all of their expendable income on the home purchase. For the fixer upper, extra money will be needed to complete the work on the home. This money can add up quickly from a few hundred dollars to thousands and tens of thousands.
Established or new neighborhood. The new build will be in a neighborhood that has yet to be established. For the buyer this means being left with no knowledge of the areas potential crime rating or level of safety for a family. It also means the neighbors will be just as new as you are.
School system. New builds are often located outside of the current school system. This may mean your child will have to take longer than normal bus rides every day in order to attend local schools. Longer days may leave the kids more tired and with less time for family.
Construction Noise. If you buy a home in a new area, the construction will continue around you until the phase of the development is complete. Extra noise, extra dirt and debris will be in the air and in your home. This can lead to increased allergy sensitivity and colds.
When choosing a fixer upper, many of these questions or situations will not come into play for the home buyer. But, a fixer upper requires money and can leave the family out of the home for long periods of time while renovations occur. The positive aspects of a fixer upper include an established school system, no nearby construction, an established neighborhood and fully mature trees and lawn growth.
If you are in the market for a quick sale and a quick move, a real estate fixer upper is not the choice you should make. On the other hand, if time is not important and you simply want to take apart a home to rebuild it just to your liking, a real estate fixer upper should be our first choice. When choosing between a new build piece of real estate and a real estate fixer upper, just think about how much you are willing to spend (time and money) on the fixing.
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