Buying a turnkey home is appealing because you know that you will not have to worry about maintenance, repairs, or upgrades immediately after moving in. However, while this kind of home has clear advantages, you may not feel like you need to move into a turnkey house.
If you are open to considering alternative options when purchasing a starter home, you can find exceptional value in prioritizing a fixer-upper for a few reasons.
One of the best things about getting a house that needs work is that you can rely on the purchase price being lower when compared to turnkey properties with the same or similar details including neighborhood, bedroom count, and square footage. Getting a lower purchase price can give you peace of mind since it will lower your monthly living expenses while living in a starter home.
If you have been planning to buy a turnkey home for a long time, you may find that you can actually go house hunting earlier than planned after committing to a fixer-upper property.
Although buying a starter home means that you may not want to invest a ton into new additions and improvements, you will still benefit from working on a fixer-upper. Owning this kind of home gives you an opportunity to make strategic upgrades that benefit your family in multiple ways.
A great example is buying a place with siding that is worn-down and needs to be replaced. This feature may contribute to getting the house at a low price, and it is something that you may intend on replacing after moving in. By opting to replace it with a manufactured stone veneer, for example, you can look forward to recouping almost all of your costs when selling the property in the future.
Buying a low-cost place with features that need replacing and then investing in high-value projects is a combination that can benefit you financially in a major way.
If you are comfortable with taking on a lot of projects on your own, even if you do not have any past experience, you can look forward to gaining valuable experience for your future home. As long as the projects that you are working on do not require immediate action, you can take your time by doing a bit of work in the evenings and on weekends to gain valuable experience.
Going with a fixer-upper when buying a starter home is a smart move for a number of reasons. Contact a real estate agent to start looking at homes for sale.Share