Fixer-Uppers Versus Condos - What Would Work Better For Your Lifestyle?

If you are in an area of the country that has a strong real estate market, shopping for a home might be tough if you are on a budget. Sometimes the only types of feasible properties your realtor will be able to show you within your budget are condos and fixer-uppers. Here are four questions you should ask before opting for a condo or fixer-upper in your future.

1. Do You Have the Funds for Remodeling?

While you might find a fixer-upper for a steal, you might end up with a home that doesn't meet the basic standards for living. If you don't have the budget to get working on this right away, you might find yourself house-poor without the resources needed for renovations. Be sure to budget in funding for immediate remodeling. If you can't, finding a less expensive, move-in ready condo might be a better option.

2. Do You Have Physical Limitations?

If you are hoping to buy a fixer-upper on a budget, you may have a lot of DIY projects in your future. While this might sound workable in theory, take into account any physical limitations you might have and how this might affect your ability to work on a home. DIY renovations might be something you are up for, but if not, a condo within your price range could be workable for your lifestyle.

3. What are Your Safety and Security Needs?

If you are hoping to do renovations while living in your home, take a hard look at your family's security needs. Remodeling can leave your home vulnerable and stand-alone homes might be at a higher risk for break-ins. Condos are usually located in gated communities and might be a better bet for those who would be more affected by security issues, such as women or older individuals living alone.

4. Where is Your Dream Location?

Fixer-uppers might be further out of a city center but can offer more space and might be perfect for a growing family. If you are looking for something in a more central location, condos can offer the excitement of a city center and will have amenities at your fingertips in a community setting.

At the end of the day, you'll need to review your personal preferences in deciding if a smaller shared community fits your needs better than a larger fixer-upper that can take more time and money in the long run. Both have their drawbacks and features, so be sure to ask yourself these questions before moving forward in either direction with your real estate agent. It is okay to change your mind during the process if you can look at all options at open houses and really see what you are in for with your budget.

For more information, contact agencies like Norchar.