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Ready-to-move-in property is a popular house option, with 40% of property buyers preferring it to other real estate. However, there are other property choices, like fixer-upper homes that first-time buyers might find even more attractive and affordable.
A fixer-upper property has steeply discounted prices because it needs extensive repairs or upgrades. This may attract home buyers on a budget or investors looking for properties to flip.
On the other hand, the move-in-ready property does not need much work. With a ready-to-move-in home, there is no stress about the financial and time aspects of renovations or repairs. Usually, buyers can move in right away. Investors also choose this type of property due to its straightforwardness.
A move-in ready and fixer-upper homes have their downsides and upsides. In this article, you will learn more about the specifics of each property type to have a more vivid picture of what to expect from your purchase.
Move-In Ready Homes
Move-in-ready homes can have many subcategories. Generally, they don’t need any repair work. This type of property is usually a renovated home ready to live in.
With a move-in ready property, you should have all the appliances and utilities, like plumbing and electric systems, working smoothly. For example, ready-to-move-in Dubai properties, like the ones you find in the DAMAC Properties project, are the most innovative, comfortable, and luxurious options worldwide.
Although the size and location of the two properties, fixer-uppers, and move-in ready, might be the same, you will have to pay more for a ready-to-move-in place because it features everything you might need for comfortable living.
Fixer-Upper Homes
A property that requires repair work or updating can be considered a fixer-upper. It lacks comfort and is sold at a lower price. These homes might require significant repairs like updating the plumbing system or fixing thin walls. You can also expect a painting job and flooring issues with a fixer-upper house.
The extra time, finances, and effort required to fix a fixer-upper property are why it’s usually sold at a discount. Some investors see it as a chance to renovate it and resell it for more.
Despite the possibility of financial savings, some people avoid fixer-upper homes. One concern is the costs of renovation. However, several ways to finance renovations, like taking out a mortgage, can ease this process.
Some of the most popular fixer-upper homes include shell homes and off-plan houses.
The creativity of Shell Homes
Shell homes are blank canvases without interior walls and floors. They are a middle ground between building a house from scratch and buying a move-in ready house.
A shell home usually has a secure, watertight structure and a finished exterior. It will generally require the purchaser to do non-structural work on the inside to make it habitable.
A shell can be a great option for those wanting to build a custom home – those who can take on responsibility for interior work. It considerably reduces the initial cost compared to ready-made property.
If you are looking for a shell home, you can find them online using websites like Redfin and Zillow. In the search bar of the property website, type in the name of the city where you’d like to begin looking and press enter. Then, you can filter different locations based on their specifics, like size.
Potential With Off-Plan Homes
According to the founder of Kukun, Raf Howery, 60% of all homes bought get remodeled anyway. Although fixer-uppers like off-plan homes require a lot of planning, the time and effort will be worth it since the home will look and feel more personal and adapted to your preferences.
Off-plan house projects offer an opportunity to buy a home before the developer finishes it. They are unfinished construction work or construction in planning. With off-plan, you often can get a say in the design and secure a brand-new home in return for a relatively small deposit.
Some developers also offer additional discounts for investors purchasing multiple off-plan properties. It’s due to developers wanting to demonstrate a certain level of sales before marketing the development. Similar to shell homes, investors find off-plan projects highly lucrative for flipping.
The Charm of Renovated Houses
If you have no time to wait or don’t want to deal with the drudgery of fixer-upper homes, you should consider renovated homes. A renovated home is a property that retained its original use, but its interior design, style, and furniture have been upgraded. Renovated homes might cost more than fixer-upper real estate options, but they usually have:
- improved fixtures, appliances, and all the basic things your home needs;
- upgraded interior design with fresh painting;
- updated kitchen;
- trendy features like a jacuzzi and wine room.
A renovated house is one of the most popular move-in-ready options, as it’s usually more affordable than buying a new, ready-to-move-in property.
Bottom Line
Fixer-upper and move-in-ready homes are the most popular property options among investors. Your choice depends on your end goal, finances, and available time. If you don’t mind spending extra bucks to have a stress-free purchasing experience, then ready-made projects are your way to go. However, if you want to save money and have lots of time and enthusiasm, fixer-upper homes might be your best bet!
