Move-In Ready vs Renovation Project: Our House-Buying Decision

Qurrat786

We’re currently trying to decide on our next house purchase and would really value some advice from people who have been in a similar situation.

We’re a family of 5 and are looking to upsize from our current home. Ideally, our next move will be our forever home.

We're torn between:

1. An older property that may need significant renovation (new kitchen, bathrooms, reconfiguration, decorating, etc.), but could offer more character and scope to add value.

2. A newer build or move-in-ready home where everything is already done, allowing us to move straight in with minimal disruption.

With young children, the thought of renovations before or shortly after moving is quite daunting, but we also don't want to regret passing up a property with more long-term potential.

For those who have faced a similar choice, which option did you choose and do you have any regrets? Would you prioritise convenience now or future potential? 🤔🏡

Herzlos

Unless you're in the trade already, any renovations will cost 3x what you expect, take 2x as long and add half the value you expect.

Just buy the house you like the most.

gwynlas

Older houses tend to have larger rooms and bigger plots

With young children you need to factor in catchment areas for schooling.

Some renovations can take place in stages as finances allow but it is up to you how much disruption you are prepared to live with.

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82161326#Comment_82161326

I think there's a lot of truth in that! 😄 The more I look into renovations, the more I realise budgets and timelines can spiral very quickly. We're not in the trade, so we'd be relying heavily on contractors, which adds both cost and uncertainty.

That's what's making the decision difficult. Part of me likes the idea of buying a house with potential, but another part thinks that with three children, a move-in-ready home might be worth paying a bit more for. Ultimately, you're probably right that we should focus on the house that works best for our family and lifestyle rather than getting too caught up in future projects. 👍🏡

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82161385#Comment_82161385

That's a good point. One thing that attracts me to older houses is that they often have larger rooms and bigger plots, which can be hard to find in newer developments.

School catchment areas are definitely something we'll need to consider as well. My biggest concern is the level of disruption from renovations. Some work can obviously be done in stages, but with three young children I'm trying to work out how much disruption we're realistically prepared to live with.

At the moment, I'm torn between the space and potential of an older property and the convenience of a move-in-ready home! 😅🏡

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82161521#Comment_82161521

Many older houses have been modernised and will be effectively ' move in ready', just as much as a newer house might be. Have you considered this type of property, which will probably have more character and floor/garden space than a more modern house ?

Also building costs have shot up post Covid, so it can be argued that an older house that has already been extended/improved when building costs were lower, can be better value than one where a lot of expensive work needs to be done.

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82161527#Comment_82161527

That's a fair point. We've looked at a few older houses and do like the extra space, bigger gardens, and character they often offer. We're trying to balance a move-in ready home against a property with potential, especially as renovation costs seem much higher these days. For us, as a family of five, space and location are probably the biggest priorities.

Myci85

Personally I think it would only be worth buying a renovation project if you were planning on doing a lot of the work yourselves so there might be a cost saving, or if you strongly want to design a house exactly how you want and have the money to make that happen.

If neither of those are the case, as others have suggested, I'd probably be looking for an older house that has already been done up and feels move in ready. You'd just need to satisfy yourselves that any renovation work done previously was done to a good standard, and it wasn't a 'house flip'.

bouicca21

I’ll go a bit against the trend … I think a lot depends on who did the renovations and why. I bought a flat that had been modernised by the previous owner. I’m not sure if he was always planning to flip it but the renovations were certainly done on the cheap and I’ve regretted not having the choice myself.

Also, even if the new-to-OP house needs work, it is unlikely that it all needs doing at once. I am always amazed at how people can afford to buy a house and immediately embark on a full scale refurbishment. And apart from the cost there is the issue that it is only when you have lived in a place for a while that you can decide on what works best, like where do the sockets need to be, how can the kitchen work better for us, etc.

I wouldn’t buy a complete wreck of a place, but I’d live with functional, could be better.

sheramber

I wouldn’t get too hung up on whether a renovation or not.

It will depend on what you find available at the right price that you like.

Qurrat786

https://forums.moneysavingexpert.com/discussion/comment/82161828#Comment_82161828

I think that's a really sensible way of looking at it. We're coming to a similar conclusion ourselves.

With three children and full-time jobs, we probably wouldn't take on a major renovation project unless the numbers stacked up. We'd rather buy something that's comfortable and move-in ready, with scope to improve or extend later if we want to.

And I completely agree about being careful with recently renovated properties. We'd want to make sure any work has been done properly and isn't just a quick cosmetic flip. 😊