Getting a fixer upper versus building a new home from scratch

Everyone knows that looking for a new house is a boring job, but not that many people pay enough attention to the financial aspect of this process. Trying to save as much money as possible is imperative, no matter how big your budget is, and that’s the reason why so many perspective homeowners look into buying a fixer-upper.

These properties are often quite affordable, but you need to spend money renovating them. So, how much does all of that really cost, and is buying a fixer-upper better than building a new home from scratch?

Budget

This is one of the most important aspects of your entire house-hunting process and something that will eventually determine the size of your house, its location, layout, and everything else.

When it comes to fixer-uppers, buyers have two things to take into consideration – the price of the property, and the renovations – and you can probably negotiate both of them. Paying less for the property means you’ll have more money to give to your contractors, and that’s always good.

When you’re building from scratch, though, you have to worry about more than just two things. There’s the price of the property, the fees, and permits you need to get, the materials, and the people you need to hire: builders, contractors, architects, electricians, plumbers, decorators, etc. So, work on your budget, figure out where you can save some money, and see which one of these two options is cheaper.

Location

This is something all real estate agents insist on, and there’s a reason for that – location really is among the most important aspects of your future home. However, the question isn’t just the location you’ll pick, but whether you’ll be able to pick one yourself at all.

With fixer-uppers, you won’t be in a position to choose the location but will have to settle with what you got. What you can do is move your new house to a new location, but that could turn out to be rather expensive as well.

Choosing the perfect location might be easier when you’re building a brand new home. You can find the location you want, make sure it works for you, and only then purchase the land you’ll build your new house on. This way, you’ll always be satisfied with the location you’ve picked, especially if it’s close to your work and near a local park where your kids can play.

Size

The size of your future house will depend not just on your budget, but the size of your family as well. With fixer-uppers, you can’t change the dimensions too much – yes, you can probably convert the loft into living space or add a second story, but is that going to be enough?

Building from scratch gives you an opportunity to do things your own way, and make your house as big as you want it to be. Just talk to your builders and contractors, and don’t be afraid to share your ideas regarding the size of your home. Doing this in advance is essential, so take care of that issue as soon as you can.

Also, be sure to talk to professionals who can help you determine the right size for your home – this is something people in Australia do quite often, for instance. Therefore, you too could look into those experienced project home builders from Sydney who can show you different sizes of houses and different styles, helping you make the right choice for your family.

Spicing up a fixer-upper on your own might sound like the easiest thing in the world, but unless you’re Chip and Joanna Gaines, it may not be as easy. Tearing down walls, building new ones, fixing the façade, checking the foundations, rewiring the entire house, repainting the interior, and repairing the roof are just some of the things you need to do in order to make your fixer-upper livable. But, you surely won’t be able to do all of that on your own, will you? Instead, you should focus on smaller projects and the decorating aspect of the entire process, sticking to what you can do.

When it comes to building an entire house from scratch, you should also leave the job to the professionals instead of trying to do everything yourself. Sure, you can express your desires, tell your crew what you’re trying to accomplish, and maybe even perform a few simple tasks, but nothing more than that.

The decision between getting a fixer-upper or building an entire home from scratch is always tricky, no matter how much money you’ve got and how big your family is. So, take all of these things into consideration, think them through, consult your family, and you’ll surely make the right decision in the end.