06 July 2015
Buy a Fixer-Upper or Build from Scratch?
Choosing a home to buy is a difficult task that requires a lot of thought. Building a house from scratch allows you to ensure quality and style, whilst fixer-uppers have greater availability and affordability. Since both choices still require a sizeable amount of cash, it is only sensible to weigh the benefits of each. It requires time and consideration to mull these things over, but that's a lot better than the chronic headaches that can be caused by making the wrong decision.
Benefits Of A Fix Me Up:
- More Affordable
A property that requires a lot of repair has a lower price tag. It is advisable to have the place professionally inspected to get a clearer view of what you’d be getting. You can have a building inspector visit the your house by calling 13TASK.
- Fewer Competitors
Most home buyers want to avoid buying a fix me up because they aren’t prepared for the effort and time that renovation requires. This means there are less potential buyers for you to compete against when purchasing a house.
- Opportunity to Tweak
When you’re renovating, you’re able to modify the house and adjust it to your own tastes. Because it’s an old house, it won’t make you feel too bad to pull down walls and reconstruct rooms.
- Faster Equity
By renovating the house shortly after buying it, you can boost its market value faster. More valuable equity is a good thing for a lot of reasons, such as getting applications for refinancing approved quickly.
- Opportunity to Get A Renovation Loan
There are organizations that provide loans for fix-upper projects; either for cosmetic improvements or strengthening of the internal structures.
Benefits of Building from Scratch
Since it’s a newly-constructed house, you won’t have to worry that the flooring, roofing, walls and foundation will need repair anytime soon. You can be certain that the gutter won’t fall off during heavy rain and that the structural integrity of the building is sound.
- Functional plumbing
Older houses can suffer from cracked pipes, broken toilets and clogged sinks. With a new house, however, it is very unlikely that you will experience these kinds of problems.
- Reliable wiring
You can rest assured that the wiring and electrical work is safe, modern and up-to-date. This ensures that your household is not endagered by bad wiring, but also allows you to install modern lighting fixtures that give your place a stylish, current look.
- Better longevity
More durable construction materials have been developed in the past decade, leading to safer and sturdier homes. Ground-protected outlets, high-resistance thermoplastic polymers, all-weather doors and many other sophisticated products improve the longevity of your building.
- Have complete control
Building from scratch gives you full control on the final appearance of the house and save yourself from the troubles of figuring out how to make it match your taste and lifestyle.
- Get Insurance faster
It is easier to get protection for a brand new home because insurance companies are confident that the owner won’t apply for claims any time soon.
- Easier to sell
Newly built houses are a lot more attractive when put on the market and will demand a higher price. If you need to move out in the future, your investment is safer with a new building than an old one.
Both options require a lot of work from skilled professionals. Get in contact with most experienced carpenters and builders in the country by dialling 13TASK to be then referred to a Taskforce franchisee near you.