Wwyd: fixer upper vs ready made

[justasmalltownmum]

Hi all

Just browsing on rightmove and have basically found our dream house.

It has been fully remodelled including roof, wiring, kitchen and bathroom in 2022. Looks very well looked after.
It is 30% more then houses of the same size, on the same road - which would need renovating to bring them up to this standard.

So wwyd?
Cheaper house and do the extensive work.
Buy the move in ready house for 30% more.

Disclaimer - we cannot afford to move. But this has got me thinking.

Thanks!

Ready made for me too please. DH dreams about a project but I've seen his DYI skills. No chance.

1000000% a fully finished house. I'd happily choose a smaller, finished, property over a bigger doer-upper. The stress and impossibility of finding reliable trades, the expense, living with the chaos, the interminable decisions... never ever again!

I would say it depends. If I could afford a turnkey that was to my taste and well done (not flipped), I would totally go for it.

BUT our current place is a fixer upper. It was empty for a year before we moved in and just looked a bit unloved and very dated, so we got it for a good price. There is no way we could have ever afforded the finished version. It’s the perfect size and location and we pinch ourselves every day that we live here. After 8 months, the stuff that ‘needs’ doing now is mostly updating. It’s all functional and comfortable and we’ll do it up over the years. We’re in no rush for things to be perfect.

We are selling our fixer upper because we simple can’t afford to do what it needs. Costs have sky rocketed. Have been here for four years and have just given up thinking we can find the money for the renovations. I’m so relieved I could cry.

My first house in 2018 was a doer upper and we made a lot of money on it and don’t regret it but also didn’t have kids at the time! The second house (bought last year) is also a doer upper, everything is so much more expensive and we have so much less time with kids so I do regret it a bit….

We bought a fixer upper and have a house worth more than a turn key

but it’s been hell with cowboy builders and rip off and the dust

I dream of a new build is perfect

I watch renovations on SM and am jealous I’d love the fun of it in principle but only if I had trusted builders ie family and plenty of money

Readymade for me too.
The fixer upper was horrendous even in good times - now costs have spiralled, tradespeople are unavailable, re-mortgaging is an expensive option. So I wouldn't do another fixer upper.

Never again with the fixer upper! Ready made is worth the extra money for the stress, time and energy.

Without seeing it you don’t really know the quality of the refurb

if you can do and enjoying doing lots of work yourself then it’s a great way to get exactly what you want and make a profit

if you are relying on trades it’s expensive and stressful

I want a doer up but we are chain free in rented (where we can stay until works done).

If I had to sell and move out and into the new property the same day I probably wouldn't go for a doer up (unless it was just basic cosmetics like decorating which is fine) because I wouldn't want to live through no kitchen/bathroom and moving walls etc... with children living IN the house.

I would avoid buying anything with a plan to extend unless it was a tiny, single story permitted extension (like a small utility or porch). Building huge habitable room double extensions that need planning etc... is a money pit job.

If it's what you would have done anyway, and can afford it, then ready made!

I got a fixer upper, but could live with parents for most of the work, could afford to get it done over 4-6 months, and found a really good builder/ project manager. It was still mentally draining.

But we love it now, and have increased the value by £50,000-£70,000 over the cost of the house plus building costs.

Fixer-uppers always cost more than you think to get them finished. We've always bought houses that need work doing but would prefer something that's done next time. Decorating is fine but anything that requires a builder we'd rather avoid.

I remodelled my favourite house and whilst I enjoyed most of it I was younger and things weren't as expensive. I then did a little bit to the next house.

But this one. Oh my god, I am never doing this again. Everything is difficult or badly done or very old. It's not a wreck but close to it and it's hard, expensive work.

worst house on best street - instead of best house on worse street. Always.

We’ve found what we thought could be a dream home, it’s a renovation project, however it’s priced as if it’s a fully renovated property, it seems nowadays there is no difference in price between renovated and unrenovated, we didn’t buy it!

See now this is what I am being told by various people who are citing my lack of housing as entirely due to my reluctance to buy something that needs work. I'm in my 60s, often live alone (DD at uni) and have a balance problem (vestibular disorder) and I can't do any of the work myself, but this explanation isn't going down well. And even if I could do some of it myself (well painting and decorating etc) I'm not going to be able to put in a new kitchen and bathroom. I haven't got anywhere else to stay and no one who could help. Yet the insistence that I must buy something, anything, is quite wearing!

Well 30% of 90k versus 30% of 900k would give you a wildly different renovation pot and in different parts of the country both could be three bed semis.

I would ignore what people are advising you to do, you need a home that suits you, your finances and circumstances, it’s all very well people saying the old adage of buy the worst house on the best street, but in reality the so called worst house is never priced accordingly these days, the cost of renovations has gone through the roof and often people don’t have the finances, knowledge or capability to do it themselves so end up in miserable living situations.

I would probably go for something in the middle, that’s what I generally do, something that needs maybe a new kitchen or bathroom but is structurally sound. However I am aware building costs have really increased the last five years, so the numbers would need to add up.

I'd go for a property that was structurally what I want I.e in terms of floor plan. But needing decor work. I find that even a house that looks turn-key needs work doing once you've moved in.