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Real Estate
Pros and Cons of Different Property Types: Part 2
November 20, 2020
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In part one of this series, I have talked about the pros and cons of newly constructed homes and move-in ready homes. Today, I’ll talk about the pros and cons of the other two types of homes.

Pros & Cons of Different Property Types

1.    Remodeled or Flipped Houses

These houses have undergone remodeling and makeovers, hence the name, “Remodeled “House”. Generally, realtors buy this type of house as fixers and remodel them before selling. 

Many homeowners change the paint, interior, etc. of their house before listing the house on the market. If this is the case then the house will be considered as a remodeled house or flipped house. Typically, old houses are considered and sold as remodeled or flipped houses.  

Remodeled houses come with both advantages and disadvantages. For example, one of the biggest advantages of a remodeled house is that they are move-in ready houses. You can move-in to your new house right after purchasing from the market. 

Besides, you won’t have to spend money on repairs or replacements because remodeled houses generally come in good condition. 

Again, if you like old houses with modern features then remodeled or flipped homes are perfect for you. While remodeling the house, modern features are included in the house, such as automated heating and cooling system, smart lock or anti-theft systems, etc. 

With these features, you can enjoy all the benefits of modern instruments but by living in an old house. Also, unlike move-in ready or newly constructed houses, you’ll have to opportunity to negotiate with the homeowner or realtor. As a result, you’ll be able to buy your dream house within your budget.

While purchasing a remodeled house, you’ll have to be conscious of few things. For example, you’ll have to check whether the remodeling is done properly or not. For this, you can ask for remodeling permit papers. You can ask for these papers while inspecting the house. 

If all the remodeling is done according to the permit, you’re ready to purchase the house. Otherwise, it’s better not to buy that property because there is a high chance that you’ll face problems in the future. 

Also, don’t forget to inspect the purpose of the cosmetic changes in the house. If cosmetic changes are done to hide some severe flaws, it’ll give you headaches when you buy the house.

Again, check whether the new glasses and doors are making any disruption in the building or not. 

These cosmetic changes to the house can be fascinating, but if they create problems with the building structure, you shouldn’t purchase that house. 

2.    Fixer House

If you’re looking for a budget-friendly home, fixer houses are for you. This type of house requires work to live in the house.

Apart from the low price, fixer houses come with other benefits as well. For example, you can redesign your home according to your preferences. You can upgrade your kitchen, sunroom, bathroom, and so on. Your options are limitless, but you’ll have to make sure that the upgrade you make adds value to the resell value.

On the downside, you’ll have limited financial options, and you’ll require permission to make any changes to your house. Besides, you’ll have to spend extra money on repairs and replacements. Again, make sure to check out part one of the series where I talked about the benefits of Move-in Ready Houses and Newly Constructed Houses.

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Richard Nevis

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