When deciding between purchasing a renovator (a fixer-upper) or a turnkey (move-in ready) home, it's helpful to compare the pros and cons of each to make an informed decision that aligns with your lifestyle, budget, and long-term goals.

Buying a Renovator 

Pros:

• Lower purchase price: Renovator homes often cost less to purchase than move-in ready properties, making them more accessible to buyers on a budget.
• Customisation options: Renovating allows you to customise the home exactly how you want it, from the layout to features.
• Investment opportunity: Renovating a property can increase its value, giving buyers a chance to make gains upon resale.

Cons:

• Unexpected costs: It's hard to budget correctly for renovations as things may cost more than expected or you may uncover hidden issues with the property.  
• Time-consuming: The renovation process can be lengthy, delaying your move-in date.
• Financing challenges: Securing loans for fixer-upper properties can be more complicated and often require specialised financing options.
  

Buying a Turnkey Home

Pros:

• Immediate availability: Turnkey homes are ready for move-in.
• Predictable costs: With no major work needed, budgeting becomes more straightforward. 
• Modern amenities: These homes often feature modern designs and energy-efficient systems. 

Cons:

• Higher purchase price: Turnkey homes are priced significantly higher than renovators, due to their convenience and readiness.
• Limited customisation: The existing design may not fully align with your preferences or it may not have features you wished for, which will require compromises.
• Potential for overpaying: Without the opportunity to add value through renovations, there's less room for increasing equity.
  

Which Home Is Right For You?

Consider the following factors:

• Budget: Assess your financial situation for upfront costs and whether you have the budget for potential renovation expenses.
• Timeframe: Determine how quickly you need to move in and whether you can accommodate renovation timelines.
• Personal involvement: Decide if you're able to manage renovation projects or prefer a hassle-free move.
• Long-term goals: Decide whether you're seeking a customised space with specific features or a convenient, ready-made home.
  

Final Thoughts

Ultimately, the choice between a renovator and a turnkey home depends on your individual circumstances and priorities. However, it’s important to consider some things about the area you are interested in, including:

• Market dynamics: The demand for turnkey homes is high, potentially leading to competitive pricing.
• Renovation opportunities: Older properties in established neighbourhoods may offer renovation potential, but availability can be limited.
• Regulatory factors: Ensure compliance with local building codes and regulations when planning renovations.