( Buyers ) Homes Move In Ready vs. Needing Some Updating

Those are the issues everytime thanks for your post.

Buyers who are interested in renovating really need to know what it's going to cost to make those changes, and they need to have access to that money to accomplish it. Many don't.

Oh yes, I see this all the time but in a slightly different way.  I see people planning/hoping to do a lot of renovation before moving in - floors, paint, kitchens and a bathroom.  And, most plan on paying, but they have no idea how much it costs if they are a 1st time home buyer.  And, of course they can't afford it.

So, usually the kitchen and bathrooms wait.

Excellent post.....yep, it always comes down to that one thing.....MONEY!

A buyer seeing a property and "imagining" how they can put their own stamp on renovations is a fun part for them. Without dashing the dream, we usually suggest their living in the space for up to a year before tackling a major project. This would give them time to see how they adjust to the actual flow of the home. Many before them have done projects immediately only to regret it later.

It's always good to consult with a trained professional about pricing when thinking about renovations. Great post!

The bank underwriting department clears their throat, has a problem with loose ends that the buyer says they will work along and chip away at it. No you won't. They are selling the mortgage and chop chop, get the place on the block to syndicate the paper for investors to slice off a piece of the investment.

If a buyer is looking at a fixer-upper they need to pay close attention to that inspection report and get a bid from a licensed contractor to give them an idea of just what it will cost to get that home up to a suitable level for them. 

I love the post. i hope home buyers will read it.

Hi,

Great blog highlighting all the pros and cons of move in ready vs a home needing updating.

Cheers!

Years ago sweat equity was considered the way to go about buying a home on a budget.  And updating is not for the faint of heart.  Especially when buyers hold down 40-hour / weeks employment.  The last thing they are going to want to do is re-floor the family room.   People don't equate TIME into the mix.

You're so right, Michelle.  If one is interested in a fixer, they need the resources and funds to do the fixing.

I am surprised Michele Connors  that no one mentioned a  203K mortgage  here.   Just another arrow in my quiver.   Sometimes buying a "fixer-upper" can be paid for from within the mortgage allowing the buyer to get the property under market, do the upgrades and establish equity; all within their permanent financing.

Check with a local, licensed, professional lender, LIKE ME, to find out more.