Fixer-Upper or “Flipper-Upper”?

Man pruning tree

Money will dictate every single purchase we make in our home. But what about those people that have yet to buy their home? It can be easier to purchase a fixer-upper, but does this mean that we will spend more money getting it up to code? On the other hand, there are people who are looking for a newly renovated property, because this requires less upkeep, and the value of the property is right there in front of them. But should we buy a fixer-upper? Is it actually worth the investment? Or are we just better off purchasing a renovated, “flipped up” property?

Old building run down
Crash Old Building House Renovation

A fixer-upper

It all depends on the state of the property. If, at the very outset, you’re going to spend a month cleaning your home before you take stock of what needs altering, you’ve got to think about the impact on your finances, as well as your sanity! Fixer-uppers are great in theory, but if you spend six months to a year getting everything just right, will this make it an emotionally draining process? Fixer-uppers are best done in sections. Perhaps it’s worth undertaking the kitchen renovations first and moving on gradually to each room. This will make it easier on your bank balance and make sure you’re not stressing out because the whole house has been gutted from top to bottom. As a fixer-upper, there’s a lot more leeway in terms of creating the home you want. And if you are intending to sell the property on, flipping the home in this manner will result in a bigger profit later on. And as fixer-uppers are cheaper, you will pay below the market value, and you will pay less in property taxes. Financially speaking, it’s common sense to buy a fixer-upper.

A “flipper-upper”

Because a renovated property is pretty much complete you have got to decide if the interiors and exteriors really communicate your sensibility. But this is down to the house viewing process, but if you are looking to sell this property on, should you purchase a fixer-upper instead? A renovated property, especially one that has been recently flipped, will cost more at the outset, but you won’t necessarily make much of a profit on it. Because the modern home will sell for the market value, and as the property taxes are calculated based on the sale price, is it worth purchasing a home that’s already been renovated? Financially, it doesn’t make sense, but from a personal sense, and as convenience is concerned, a renovated property has a lot going for it. It’s going to be in a desirable area, close to amenities, and there will be a lot less hassle. And you have got to weigh this up. Is a renovated property going to benefit you in the long run? If you’re looking for your “forever” home, it will make perfect sense. Or even if you’re looking for a property to rent out to others, this means there’s nothing needed in the way of work.

It is one of those constant dilemmas. It all depends on your needs. Financially, purchasing a fixer-upper is easier, but you’ve got a lot of work to get it up to your standards. On the other hand, a flipped or renovated property has everything done, but the cost will impact you.