According to a study conducted by Buildword<\/a>, 53% of buyers who purchased a fixer-upper exceeded their budget, compared to 15% of buyers who purchased a turnkey home. While fixer-uppers are considered \u201cbudget-friendly,\u201d that\u2019s not always the case. <\/p>\n Keep reading to learn whether a turnkey home or fixer-upper is the right option for you: <\/p>\n \t\t\t\t\t\t\t\t\t<\/a><\/p>\n \t\t\t\t\t\t\t\t\t<\/a><\/p>\n \t\t\t\t\t\t\t\t\t<\/a><\/p>\n \t\t\t\t\t\t\t\t\t<\/a><\/p>\n A turnkey home is a property that doesn\u2019t require any major repairs or renovations. Basically, it\u2019s 100% liveable and buyers can move in without worry. Some real estate agents use the term turnkey to describe a home that\u2019s completely refurbished. While that’s not always the case, turnkeys are usually updated. That’s why they have a higher listing price than fixer-uppers.<\/p>\n A turnkey property is usually ideal for homebuyers looking for an investment property, or those who don\u2019t want to take on home improvement projects. Buildword reported<\/a> that 67% of turnkey buyers purchased their home to avoid being bothered with a fixer-upper. <\/p>\n A fixer-upper is exactly what it sounds like – a home that needs some work. Not all fixer-uppers are the same and some might require more work than others. While these homes have a lower price tag than turnkey properties, they aren\u2019t necessarily cheap. Even if you\u2019re a skilled handyman, home improvement projects are expensive. Especially if the fixer-upper ends up needing more work than you previously thought (which is a good possibility!)<\/p>\n According to Buildworld,<\/a> 39% of homebuyers turned to fixer-uppers to save money. When it came to updating their homes, 63% had to re-paint, 59% had to put in new bathroom flooring, 52% updated the kitchen and 51% updated bathroom fixtures.\u00a0<\/p>\n The costs to fix up a home varies. But there\u2019s no denying the expenses add up quickly. Renovations are also time-consuming. According to 77% of those surveyed, home improvements took more time than they originally thought. 64% admitted the process was more stressful than planned, and another 57% said it was more expensive. <\/p>\n There are benefits and negatives to both turnkeys and fixer-uppers. While turnkeys are considered less work, they’re not always what they seem. On the surface, the home might look immaculate. But it\u2019s important to make sure everything inside works like it should (the appliances, plumbing, etc.).<\/p>\n When it comes to buying a fixer-upper, don\u2019t underestimate the amount of work needed to transform the home. If you go into the purchase thinking it’s saving you more money than buying a turnkey, think again. <\/p>\n The post Turnkey homes vs. fixer-uppers: The best home for your wallet<\/a> appeared first on HousingWire<\/a>.<\/p>\nMore for Real Estate Enthusiasts <\/h2>\n
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\n\t\t\t\t\t\t\t\t\t\t<\/div>\nA homebuyer\u2019s guide to a competitive housing market<\/a><\/h4>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t<\/div>\nFour renovations to consider before selling your house<\/a><\/h4>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t<\/div>\nHow much house can you afford to buy?<\/a><\/h4>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n
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\n\t\t\t\t\t\t\t\t\t\t<\/div>\nBuying a house that needs work? Projects to avoid<\/a><\/h4>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n
Turnkey Property<\/strong><\/h5>\n
Fixer-Upper<\/strong><\/h5>\n
Bottom Line<\/strong><\/h5>\n