Napa Valley real estate is as varied as the wines the region produces. When looking for homes for sale in Napa, CA, you’ll find listings for multi-million dollar properties, quaint cottages, contemporary ranchers, and fixer-uppers.
Choosing between a property that requires renovations or one that’s move-in ready is a common dilemma for the homebuyers we work with. To help you decide, here are the pros and cons typically associated with each property type.
Napa Valley Real Estate: The Pros & Cons of Buying a Fixer-Upper
The #1 reason people buy a fixer-upper is to save money. They’re often priced less than move-in ready homes, which means a smaller down payment and monthly mortgage payment. That makes them attractive to first-time buyers or those on a tight budget. On the other hand, some buyers purchase a fixer-upper for the sheer joy they get from renovating it.
This brings us to another plus: when you buy a fixer-upper, you can remake it into the home of your dreams. So, if you prefer particular kitchen or bathroom features, you can install them without tearing out new fixtures just because you don’t like them.
Lastly, the money and time you invest in a fixer-upper can result in a substantial return on your investment. If you decide to sell in the future, you could see a greater profit than if you had bought a turn-key house instead.
The disadvantages of buying a fixer-upper include:
- Time and money. A fixer-upper requires more time to turn into the home you envision. And the costs of repairs and renovations can start to add up, with people often spending more than they initially anticipated.
- Higher stress and uncertainty. Most whole house renovations take months or years to complete. Unplanned expenses and unexpected problems can drive the project over budget and schedule, which can be stressful.
- More work. If you plan to do some or all the renovation work yourself, you’ll need to budget a good amount of time to get it done. If you find a fixer-upper you love, consider having a survey done to get a full picture of the property’s structural condition and the work it will take to make your home livable.
Homes for Sale in Napa, CA: Pros & Cons of Buying a Move-in Ready Property
One of the greatest advantages to buying a turn-key home is you get to start enjoying it the minute you move in. Once the boxes are unpacked and the furniture’s arranged, you don’t need to worry about a ton of work that needs to be done.
There’s also less stress and uncertainty about the buying process, and it’s easier to budget for because you don’t have to account for potential remodeling costs or repairs.
Possible disadvantages to buying a move-in ready home include a higher purchase and a lower return on investment if you decide to sell. You’ll also have to invest additional money if you want to customize one or more rooms to your style and preferences.
Ready to start looking at turn-key and fixer-upper homes for sale in Napa, CA? Connie & Jamie is here to help! Talk to one of our agents today to get the process started.