If you’re in the market to buy an investment property, you may be wondering whether to buy a move-in ready home or a fixer-upper. While a fixer-upper can be a great option for those who love to tackle home improvement projects, it’s important to consider whether it fits your talents and lifestyle. In this blog post, we’ll discuss the importance of buying an investment property that fits your skills and the financial rewards of doing more of the labor yourself.
Know your skills
First and foremost, it’s important to consider your skills and experience when it comes to home improvement projects. Are you a seasoned DIYer who loves to tackle projects yourself, or are you more of a hands-off type who prefers to hire professionals? If you’re a handy person who enjoys getting your hands dirty, buying a fixer-upper could be a great way to put your skills to work and save money on labor costs. However, if you’re more of a hands-off type, a move-in ready home may be a better option for you.
Know your available time
Another factor to consider is your available time. Do you have a full-time job that takes up most of your day, or do you have more flexible hours? If you’re able to commit a significant amount of time to home improvement projects, a fixer-upper could be a great way to invest your time and energy into creating a beautiful, personalized space. However, if your time is limited, it may be more practical to buy a move-in ready home that requires little to no work.
The opportunity cost
When it comes to financial rewards, doing more of the labor yourself can certainly save you money on labor costs. However, it’s important to consider the opportunity cost of doing manual labor versus earning money in your chosen profession. If you have a high-paying job that requires your attention and skills, it may be more financially prudent to focus on your career rather than spending your time on home improvement projects. On the other hand, if you’re able to balance both and have a passion for DIY projects, the financial rewards of doing more of the labor yourself can be significant. Before you start a home improvement project, check out our post on which home projects are most likely to maximize your home’s value.
Ultimately, the decision to buy a move-in ready home or a fixer-upper depends on your personal preferences and circumstances. If you’re a handy person with a flexible schedule and a passion for DIY projects, a fixer-upper could be a great investment. However, if you prefer a hands-off approach or have limited time, a move-in ready home may be a better option. Regardless of your decision, it’s important to work with a knowledgeable real estate agent who can help guide you through the process and find the perfect investment property for you.
If you’re on the fixer-upper track and looking for great contractors to help you rock your renovation check out our preferred vendor list.
