Should You Buy a Move-In-Ready Home or Look for a Renovation Project?

So, you’ve made the decision to buy a new home. That’s big. No matter if you are a first-time homebuyer or an empty-nester looking to be a last-time homebuyer, making the move to a new home is always a big decision. So, congrats. 

Now, that you’re here – there’s a question to consider that doesn’t always top everyone’s list when they are writing out all their wants for a new space. Oftentimes, we start jotting down location, number of rooms, and cost. All are very important details – but typically should come after asking yourself: are you looking for a move-in ready property or a renovation project?

This is a big question as it can help determine the direction of your property search. We’ve identified three key things to consider when weighing whether to look for a home that is move-in ready versus one that could use a little (or a lot) of TLC. 

1. Cost:  When it comes to buying a new home – budget and overall cost always play a major role in the decision-making process. While move-in ready homes are typically priced higher than homes that require renovations, there are plenty of instances where the renovation fees far exceed the costs of buying a move-in ready home. Some things to consider is how you plan to live in your home. If you are looking to have a property that is more attuned to your style as well as your lifestyle, it may be well-worth it to find a property that needs to be renovated and to take the time to renovate it to your liking. If you no interest in going all-in into a renovation project, then lean towards a more move-in ready home.  

2. Real estate market: What is available?

The market is always shifting – reach out to a realtor and see what the Miami market is looking like when you are getting ready to pull the trigger. What are the current trends? There are times in the market cycle when real estate flippers are more active and there is more competition to buy a fixer-upper than a move-in ready home. It is important to know what is available and how much competition you might have as you begin to look. 

It is very possible that everything you’ve been looking for in a house is already on the market, and you don’t have to do a renovation project. But is it also possible that many move-in ready homes have steep competition? Possibly – depends on the part of the macro economic cycle and where we are in the school year. That is why looking at the variables and talking to someone with experience is one of the best decisions you can make. Even if one option seems to be better from a financial perspective, you always want to ensure that you are paying attention to the market and getting exactly what you want out of whatever investment you make.  

3. Timing: Is the timing right for you and your family?

Moving is stressful, but it may also be overwhelming depending on life events that may be coinciding at the moment. A move-in ready home may be more money upfront, but it can save you time and effort. It all depends on where you and your family are at the moment and what is feasible for you. Do you have the time to wait while your new home is under construction? If yes, then great! If the timing isn’t right for you to consider a renovation – then let’s look for a home that is more suitable to your needs today. 

Give us a call today so that we can help you figure out what the best option is for you!