"Buyers in many areas have more options than they did during the pandemic-era frenzy, with inventory rebounding from historic lows and competition easing. At the same time, home prices remain high and renovation costs are elevated. With more homes available but at higher price points, the real question for buyers is: Do you buy a fixer-upper that needs work, or pay more for a move-in ready, turnkey home and skip the projects?"
"A move-in ready house (also called a turnkey home) usually doesn't need anything done to it in order to get the keys and settle in. The systems, like the HVAC, plumbing, and electrical, are often newer, functional, and less likely to get flagged for replacement in the inspection. The aesthetics-like paint, flooring, cabinetry-are also typically in good shape. " Turnkey " implies that considerable updates have been made,"
"A fixer-upper, on the other hand, is a property that needs noticeable work before (or soon after) you move in. That might mean a cosmetic overhaul like outdated kitchens, worn-out flooring, or older bathrooms-or it could mean moving walls and gutting rooms. Homes listed as a fixer-upper could need more TLC, like serious repairs to roofs, electrical, plumbing, or even the structure."
Inventory has rebounded from pandemic-era lows and buyer competition has eased, yet home prices and renovation costs remain elevated. Buyers must decide between lower-priced fixer-uppers that need noticeable repair and higher-priced move-in ready, turnkey homes that require little immediate work. Move-in ready homes typically have newer, functional systems and updated aesthetics, reducing inspection-flagged replacements. Fixer-uppers can range from dated cosmetic needs to serious structural or system repairs and often sell below turnkey comparables. The choice affects move-in timing, uncertainty, financing options, renovation expenses, neighborhood access, and long-term home value.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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