MLS Listings – Renovated or Fixer Upper?

MLS Listings

You've decided to settle down, look through MLS listings, and buy a house to call your own. After accounting for finances, time constraints, and personal preferences, you're now faced with another major decision: should you buy a fixer-upper or a fully renovated home when searching MLS listings? There are many factors to consider when deciding which way to swing, so keep reading to see what makes sense for you.

Make Your Mark

Fixer-Upper: The beauty of a fixer-upper is that you can personalize everything from the finishes to the floor material. However, when faced with a plethora of options at ever-increasing price points, renovation costs can quickly add up.

Renovated: The majority of the design decisions have already been made for you when you walk into a fully renovated home. If you prefer a white high-gloss finish, there are newly installed oak shaker cabinets, and grey laminate floors if you prefer tile. But, if those aren't deal breakers for you, there's a lot to be said for the convenience and blank slate of a move-in-ready home.

MLS Listings Location

Fixer-Upper: For good reason, many development companies base their business on purchasing the worst house on the best block. People want to live in their preferred neighbourhood and are willing to pay a higher price to do so. Renovating a shambles is an investment.

Renovated: A fully renovated home outside of the most desirable neighbourhoods or those currently under construction is also a wise investment. If you're willing to give up your usual haunts in exchange for a finished basement and a yard, the move could pay off.

High Roller

Fixer-Upper: While a home in need of repair will cost you less up front, renovation bills (especially unexpected ones) can quickly add up. Make sure you have enough money in your budget to cover the work that needs to be done — and be prepared to do it yourself where possible.
Renovated: True, a fully renovated home will cost more than one down the street with a leaking roof and sinking foundations, but you won't have to organize a crew of roofers or call in basement specialists.

Living Arrangements

Fixer-Upper: You've taken the plunge and purchased a small single family home in need of some much needed attention, and you're overjoyed. However, some decisions must be made, such as where you will live during the renovation process. It's not ideal to live on a construction site, but neither is paying rent and a mortgage at the same time. Understand your limitations when searching mls listings.
Renovated: Do you want to move right into your new mls listings home, unpack your boxes, and sleep on your bed the first night? If this is the case, the higher cost of a renovated home may be worth the convenience of not having to live with the mess of months of renovations.

Back Up Plan

Fixer-Upper: The main risk of purchasing a fixer-upper is running out of renovation funds before the project is finished. Unexpected costs, sudden loss of income, or overspending can all lead to financial difficulties, and a half-renovated house is much more difficult to sell if you want to recoup your losses.
Renovated: Once you've purchased a fully renovated home, your future renovation costs should be minimal for many years. The initial cost may be greater than that of a fixer-upper, but what you invest now will pay off in the form of worry-free home ownership.

Before searching mls listings for a fixer upper or even a fully renovated home – make sure to take the time and conduct a proper check list. See if your financial and home renovations capabilities. Too many times people try to fix their home but take ill advised shortcuts. Nothing wrong with seeking an alternative cheaper options – but make sure everything is done right the first time.

Looking for MLS Litings Ontario? Search MLS listings today to find you next dream home. Contact Realtown owner Yasir Khan, Sales Representative at RE/MAX.

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