Fixer or Finished?

There has been a common theme recently: home buyers want brand new or newly renovated homes and are willing to pay a premium for them, often a large premium. It's almost become an obsession. Projects are becoming more cumbersome these days. Here are the top reasons why new or newly renovated may be the way to go:

1. Time is the Last Luxury: enjoying a home immediately is more meaningful to most. Waiting for a renovation or new build is time lost. The time and effort spent on a home build/renovation project is time you can spend on other more important things such as family and friends.

2. In a rising interest rates environment, locking in to a rate has value.

3. When you buy a renovation project you need cash or additional financing to renovate. One financed lump sum is quicker/easier.

4. With rising labor and materials costs, anticipated costs for renovation at closing are bound to rise. Many projects go over budget regardless.

5. Consumers want the least aggravation: older systems require more time, effort and money to service, maintain and replace.

6. New or renovated homes are usually much more energy efficient.

7. New/renovated homes have been adjusted to today's lifestyle needs.

8. The permitting and approval process can be long and arduous.

9. Decorating and furnishing is the fun part.

10. Seeing exactly what you're going to get is much easier than imagining what could be.

11. Being able to identify, hire and manage the necessary people to work on a renovation can be challenging in this environment.

If you’re a Sellers, all the more reason to invest in the updates that will make your home stand out for busy buyers and Compass Concierge can help you make all the needed changes. If you’re wondering where to start, let’s talk.