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Should I buy a Fixer-upper or a Move-in-Ready home?

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Real Estate Agent with Realty ONE Group Advocates 484-237-2055 PA License - AB067198

In a recent survey, December 2024, our local MLS, Bright MLS found the following results regarding what buyers are looking for in a home.

More than half (56.1%) said that it was “very important” to buy a home that was move-in ready, with no repairs or major improvements needed. Another 37.8% said that buying a home that was in move-in-ready condition was “somewhat important” to them.

As many home buyers know you may have to compromise on what you are looking for with the extremely low inventory of homes for sale. The survey found the following results when asked about what buyers would compromise on.

More than half of the survey respondents said that they could see themselves compromising and buying a fixer-upper if that was what was available. However, they were more likely to compromise on the size of the home, with nearly three-quarters (74.8%) saying that they would consider purchasing a smaller home than they originally wanted. Nearly two-thirds (64.2%) said they would compromise on their preferred neighborhood.

This willingness to compromise on the move-in-ready home with a fixer upper really depends on several issues. First are you handy at making repairs and doing work yourself or will you need to hire contractors? Secondly, do you have the funds to make the necessary repairs?

contractor working on a kitchen remodel

This second question about the funds is interesting because their are mortgage loans that can be used to purchase a home that include repair and remodeling with the loan being made on the after work appraisal value of the home. These can be conventional or FHA loans and can be very useful if there is really nothing available to buy that is move-in-ready. It gives you an alternative option, even if it is a bit more complicated and does require you to use a contractor who is approved. One of the benefits is that you get someone overseeing the work on behalf of the bank to make sure it is done correctly as the funds are released in draws as the work is completed.

However, if you have the funds yourself then you have to oversee the work and select a contractor to do the work. This is where a good Realtor with a list of local contacts can be very handy as they can recommend local contractors who are reliable.

If you are not sure which type of home you should consider buying, call me to discuss and we can examine all the different options, such as commute time, local parks, shops and restaurants that might be important for you. You can reach me at Nick Vandekar, Selling the Main Line and Chester County with Realty ONE Group Advocates, office 484-237-2055, cell or text 610-203-4543, or Nick@VandekarTeam.com.

Posted by

Nick Vandekar
Nick is a Tredyffrin Easttown Residential and Commercial REALTOR selling The Main Line, Chester, Delaware and Montgomery Counties.

Giving you the confidence to make
the right decisions.

225 W Uwchlan Ave
Downingtown , PA 19335
Office 484-237-2055
SellingTheMainLine.com
Mobile: (610) 203-4543 [call or text me]
Email Me

 

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If you are buying or selling on or around
Tredyffrin Easttown or along the Main Line, 
I can help you, contact me.

Comments(18)

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Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Jan 10, 2025 03:44 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Lucky are those who get to work with you for the purchase or selling of their home!

Jan 10, 2025 03:59 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

great information. Thanks for sharing it.

Have a super fantastic week!

Bill Salvatore, Realtor- Arizona Elite Properties

#AZVHV / Arizona Veterans Helping Veterans

Jan 10, 2025 04:23 AM
Wayne Martin
Wayne M Martin - Oswego, IL
Real Estate Broker - Retired

Good morning Nick. What is your mental capacity to deal with surprises and disappointments? What is your financial capacity to deal with unknown defects that may surface during the process? Some may had ve the mental capacity and some financial capacity but not both and vice versa. Here is where the experienced agent with many contacts and sources can be of assistance and help design a process that may work for the buyer. And, sometimes people will rethink and consider a home more ready for immediate occupancy. Enjoy your day. 

Jan 10, 2025 05:02 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

There are definitely different needs from buyers - some can deal with a fixer upper and some can't. I'd prefer move-in-ready but wouldn't mind a few projects that could be done while living there.

Jan 10, 2025 05:16 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Nick - there is no shortage of decision-making involved in real estate.  From the smallest, seemingly insignificant detail to the most crucial aspect, the process can be overwhelming. Selecting the right representation is serious business for those looking to make a purchase or to sell.  Talk about upfront due diligence - such things matter and can make a difference.  

Jan 10, 2025 06:07 AM
Lew Corcoran
Better Living Real Estate, LLC - East Bridgewater, MA
Expert guidance. Exceptional results.

Thanks for shedding light on this important topic, Nick Vandekar, 610-203-4543! Your insights into the current market trends and the options available for buyers are super helpful, making the home-buying process feel a bit less daunting.

Jan 10, 2025 06:33 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Good morning, Nick... this is one of those "age old" real estate questions that never goes away. And the answer to it is "it depends." As with other real estate related issues one size does not fit all.

Jan 10, 2025 06:46 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nick, some buyers would know how to repair/fix up a fixer, but other buyers should let someone else do it.  We can always tell a DIY project.

Jan 10, 2025 09:06 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Richard Weeks thanks for stopping by and commenting.

Brian England thank you. I appreciate the encouragement.

Bill Salvatore - East Valley thanks, have a good weekend.

Wayne Martin that is a good point, the mental anguish of dealing with a fixer-upper is not for everyone.

Kat Palmiotti you at least know yourself and what you prefer. I think most of us can handle a small project or two.

Jan 10, 2025 10:28 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Michael Jacobs very true and talking about it upfront helps people to know what to look for when they are searching.

Lew Corcoran thank you, I appreciate the encouragement.

Nina Hollander, Broker there are some people who should never consider a fixer upper, and then there are those who just love handling a project.

Joan Cox that is very true.

Jan 10, 2025 10:30 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nick- good things to consider for anyone considering a fixer-upper. What is your tolerance level for "oops" moments and delays??? Larry is a retired builder...when we looked at homes for us, the last thing he wanted was a fixer upper. 

Jan 10, 2025 06:41 PM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Kathy Streib as a builder I think that says it all.

Jan 11, 2025 08:27 AM
Ben DeHaven
Haven Realty & Investments - Lakeland, FL
Proudly serving Central Florida!

Thanks for sharing your MLS Stats with us. I wouldn't hire your handyman, his battery powered drill isn't plugged in. 

Jan 13, 2025 07:38 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Ben DeHaven that is AI for you.

Jan 13, 2025 11:03 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share with home sellers. Homes in move-in condition will get the highest offers.

Jan 13, 2025 11:48 AM
Roy Kelley

I did some grocery shopping today since it might be the best day of the week. We still have a lot of snow on the ground but the roads are in pretty good condition.

Jan 13, 2025 11:55 AM
Nick Vandekar, 610-203-4543
Realty ONE Group Advocates 484-237-2055 - Downingtown, PA
Selling the Main Line & Chester County

Roy Kelley thanks for stopping by, stay warm this week.

Jan 13, 2025 11:50 AM
Patricia Feager
Flower Mound, TX

Hi Nick Vandekar, 610-203-4543 - I would say, it really depends on the buyer's knowledge, skills, experience, and the financial costs to buy as is. Assuming responsibility for work that is known, and unknown can be very expensive, or a bargain, depending on how you look at it. 

I think the best solution I heard of was from a new Home Inspector that a previous first-time buyer hired. He did the usual inspection. After the inspection was over, he offered to provide the costs for the repairs with reputable, experts who could do the work with guarantees the work would be done with satisfaction, and no additional costs for any hidden defects the inspector missed. 

My buyer decided no. However, I wondered how it would have turned out, if he had said yes.  

 

Jan 13, 2025 03:24 PM