If you watch Fixer Upper, Property Brothers or Flip or Flop on HGTV then you might consider yourself a pro when it comes to home renovations or building a home from the ground up. Deciding whether to buy a house that needs some work done or building your own humble abode that you can customize can be stressful. This is a tough decision that many households may have to make eventually. So, when it comes to renovating a fixer-upper or building a new home, what should you do? Let’s talk about the advantages and limitations of each:
Renovating a Fixer-Upper What is a fixer-upper exactly? A fixer-upper is a house that needs a little TLC. Getting involved in renovating a fixer-upper can include projects such as tearing out old appliances and cabinetry and replacing them with newer, updated models, ripping out old tile or carpet, tearing down walls to create space, re-painting the outside or inside of the house, etc. While the list goes on, some people really do enjoy long term home projects… while others may not. Some advantages and limitations to buying a fixer-upper include:
Advantages:
· House is already built
· More house for the money
· Location is set
· Property taxes are lower
· Lower purchase price
Limitations: · Could run into renovation mistakes
· Possibility of being a long-term construction zone
· Investments that don’t equal increased value
· May go over planned budget
Renovating a fixer-upper can take a lot of time, effort and money but it’s all worth it in the end if you are happy with your home and the results. If you’re not sure if a fixer-upper is right for you or your family, read on to learn more about the advantages and limitations of building a new home.
Building a New Home
We’ve all fantasized about building our own home from the ground up. Imagine having a house that you designed from the roof all the way down to the floor and everything in between. According to the National Association of Realtors (NAR), the average time that an existing home is on the market has decreased by 29 days. This in turn, means that there is less competition when building your own home. Building a home can also be an easy process if you work with the right people. Keep in mind the following:
Advantages:
· Modern features and finishes
· Customize home details to your lifestyle
· Annual savings · Predesigned floor plans and various options from your developer
· New appliances
Limitations:
· The need to find land
· Time to build the house
· Construction loan and permits
· Possible setbacks
Whether you decide to take the renovation route or go with building a home, both options are great to consider if you plan on making a long-term commitment to a home. Of course, the deciding factor should be whichever is best for you or your family. After all, you should love where you live!
The home building professionals at Gulfstream Homes are ready to get to work on your home! Call (239) 254-1664 or visit www.gulfstreamhomes.com to learn more.
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