Are you thinking of moving up the property ladder? The East Renfrewshire property market has been moving fast from the beginning of the year, with many other buyers looking for the right home in the desired school catchment area, so you might be wondering what your strategy should be.
Should you go for an older property that is full of character and renovate? Or should you look for a home that is all ready for you to move in – be it a new home or an older home that has already been fully refurbished in recent years?
While there is no correct answer to this question and the right option for you fully depends on your circumstances, here is what you should consider before committing to either of the two.
When you buy a fixer upper
A home in need of renovation can be very tempting because it will allow you to renovate according to your own taste and lifestyle. We all dream of a home to reflect our personality and offer functionality to suit our needs and the sense of achievement such a project can offer.
At the same time, managing a renovation can be stressful, time consuming and not always budget friendly, especially if unforeseen situations appear as the project is taking place – perhaps hidden faults that could not have been anticipated.
But with a good team of tradesmen or the right kind of experience, you could transform an old unloved house and perhaps add value to the property at the same time.
This is in fact something you should also consider – how much value will the renovation add to the property and if you will have to put the house on the market in a few years, will that cover for the cost of fixing it? It is a good idea to speak to a team of professionals – like our experienced estate agents at Nicol – and find out how the value of the property will change after a renovation. That will help you figure out your budget: how much you can spend on the property and how much you can spend on the renovation.
Generally, in East Renfrewshire, there is quite a bit of excitement around fixer upper properties and their potential, so if you are interested in such a buyer talk to our friendly team and we’ll help you find the right home.
When you buy a turn-key property
With a turn key home – whether it’s a new home or a home that has been updated and renovated over the years means you will be able to move in as soon as you get the keys, without the need of expensive renovations or arrange temporary accommodation for you and your family.
You might want to add your own creative input, but that is not always a choice with a turn-key home; if the garden has already been landscaped or the interior colour scheme has been chosen, you might have to live with the existing choices at least for a while.
New homes offer some flexibility around that as if you are involved early on, the developer might get you involved in the choice of layout or kitchen, depending on the phase of the development and available flexibility. Also, new homes come with warranty and usually have the latest in insulation and home functionality which means your costs with maintenance will be lower for at least the first few years.
Of course a home in move in condition will create competition amongst buyers so you will probably have to be ready to pay a premium for it. Is it a turn key home in East Renfrewshire you are after? Why not give us a call and we’ll help you find the right one!