Are you ready to buy your first home? As you will be aware, this is a huge commitment. Therefore, you need to make sure you conduct thorough research to find the right home for you. When searching for a property, you may feel inundated with the amount of choice you have, although the two most popular options you will come across is the fixer-upper home and the new build, which are both completely different. To help you decide which type of home is right for you, take a look at this guide which will help you make an informed decision about your first-ever home.
A fixer-upper property is a home that requires some sort of maintenance, decoration, or complete reconstruction. Many people opt for this choice if they have found a house with a unique character that requires some TLC. To help you determine if a fixer-upper is right for you, take a look at what you can expect.
Cheaper purchase price
Often when you purchase a fixer-upper, you may get it for a significantly low price, as usually older and more traditional-style properties are more affordable, unless they have some sort of expensive characteristic. This is an excellent option for anyone who is good with their hands, as the best way to make the most out of your purchase is by doing all the work yourself and profiting.
The great thing about a fixer-upper property is that you can make it your own. However, do make sure that you have permission to make any drastic changes. For example, if you plan to implement an extension, make sure you obtain planning permission before going ahead, as this will help avoid wasted costs.
With an older property, comes a long list of construction jobs which can be costly. This includes small tasks like laying carpets, refreshing walls, replacing doors and more. These costs will easily align with your budget. However, the same cannot be said for more demanding jobs like reroofing or a bathroom remodelling which can set you back unless you have significant savings.
Some older properties tend to harbour hazardous chemicals such as asbestos or mould, which can be extremely dangerous to remove. This can also cause long-term damage to the property and depending on the severity can be extremely expensive to fix.
A new-build property is an entirely brand new home which is usually purchased before it is built. This means buyers will be the first people to live there. This is one of the many benefits associated with buying a new build, although there are some downsides to buying a new-build also.
One of the key qualities of a new-build property is that it comes with complete brand new furniture, although this is only guaranteed if you choose the pre-furnished option. Property companies like RW Invest offer residents luxury furnishings which are both attractive and up to date. By selecting this type of property, you do not have to stress about furniture shopping and will not have to set aside any decor expenses.
Up to date utilities
The majority of new-build properties have brand new white goods, including refrigerators, washing machines and even dishwashers which are fitted before you move in. This will help you save on buying each individual item, as high-quality electrical goods tend to be quite expensive.
One of the downsides of buying a new-build property is that your choices are limited, and you may not be able to make any permanent adjustments. Of course, as the owners, you will have some leeway, although it is vital that you get permission before making any significant changes such as an extension or loft conversion.
Less green space
As the number of new-build properties is increasing, there is less room for big gardens, so a lot of new real estate tends to have smaller green spaces. This may not be ideal if you have a child or even a pet, as you will require a significant amount of outdoor space to entertain them. Of course, you can always extend your garden, but more than likely you will have to obtain permission for this before making any sort of adjustment.