You may be surprised at the answer.
There is a common belief that fixer-upper homes are less expensive that their turnkey counterparts. This can be a misconception. Even though a turnkey property commonly comes with a higher price tag, they can often cost less in the long run.
What is a Turnkey Home?
A turnkey home is one that does not require much, if any, repairs or renovations. You can move right in, without worrying about its condition or what might need immediate work. Turnkeys may not be completely refurbished, but they are often updated. These are great properties for homeowners looking for an investment, or those who don’t want to take on a large home improvement project. A majority of homeowners purchase their turnkey homes because they do not want to take on the hassles of a fixer-upper.
What is a Fixer-Upper?
A fixer-upper, on the other hand, is a home that needs some work. Not all are in the same condition and some may require more work than others. Although they can be priced lower than turnkey homes, they are not necessarily “cheaper”. Projects can be costly, even for an experienced handyman. Sometimes the fixer-upper can end up being more work than originally thought – an unwelcome surprise. Most owners of fixer-uppers undertake projects such as repainting, new flooring, updating the kitchen or updating the bathroom, and they often find the process to be more expensive and more stressful than they imagined.
It is always a sound plan to hire a qualified home inspector, before making a home purchase. That way, you won’t be hit with surprises after settlement. If you are interested, contact me and I will send you my list of preferred home inspectors.
Which is best?
The bottom line is, if you go in to the purchase thinking you will be saving money buying a fixer-upper, rather than a turnkey home, think again.
HI, I’M LISA HINKLEY AND I HELP PEOPLE LIVE THE HARBOR LIFE IN PUNTA GORDA, FLORIDA
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Punta Gorda, FL 33950
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