There are a lot of factors that come into play when you’re thinking about investing in the Washington DC real estate market, but the question of which property type comes out on top in terms of investment depends entirely on the kind of return you want and can get from each option. There are numerous housing options in Washington DC, and choosing the right one can hugely impact your finances and lifestyle.
However, there are two main ways to invest in real estate; the fixer-upper or the new home build. Each has its own unique pros and cons, but which one should you choose? The Fixer Upper Washington DC vs.
New Home Builds Washington DC can make all the difference in your long-term returns, so let’s dive in and compare them head to head!
When it comes to investing in real estate, the number one question people ask is whether they should invest in new home builds or if they should go with The Fixer Upper. If you’re looking to buy real estate in the Washington DC area, here we take an in-depth look at both new home builds and fixer-uppers to help you determine which type of property works best for you
There’s something about owning a home that feels so gratifying. Maybe it’s the fact that you’re building equity each month or that you have a place to call your own. Whatever the reason, there’s no denying that investing in a house is one of the most rewarding things you can do. And when it comes to real estate investing, location is essential. And there’s no better place to invest than in our nation’s capital, Washington DC. Not only is DC home to some of the most influential people in the world, but it’s also a hub for business and politics. That means there’s always a steady demand for housing here.
There’s no doubt that Washington, DC, is a desirable place to live. The city has a lot to offer residents, from great job opportunities to many cultural attractions. And as the nation’s capital, it’s also a very stable place to live. These factors make DC an attractive option for those looking for a new home. With so many historic buildings still standing and housing construction being built on a daily basis, the question remains: which is the better investment? New home builds vs. the fixer-upper?
The Pros and Cons of Investing in New Builds
When it comes to investments, there are a lot of factors to consider. But if you’re looking at investing in a new home build in Washington DC, here are a few things to keep in mind
Like when you buy a new home build, you are the first owner. This means that everything in the home is new and under warranty, saving you money on repairs down the road. So, buying a new, move-in-ready house provides several advantages you won’t find anywhere else.
Location – With new construction, you have the opportunity to choose the perfect location for your home. With a fixer-upper, you’re limited to properties that are already built.
Cost – It’s no secret that new construction homes cost more than fixer-uppers. When considering a fixer-upper, you’ll need to factor in the cost of materials and labor.
Time – Building a new home takes time – often much longer than it would take to renovate an existing property. If you’re not patient, a fixer-upper may be better for you.
Warranties – When you buy a new home, it likely comes with a warranty from the builder. A fixer-upper will not come with this protection.
Renovations – Your ability to make changes to a new home is limitless! Not so much when dealing with an older property.
So, how do we decide which one is best? In my opinion, deciding between a new home build vs. a fixer-upper boils down to how much money you have and how much patience you have as far as the timeline goes. New home builds require large sums of cash up front, but you get a brand-new place to call your own. Fixer-uppers require smaller sums of cash upfront, and you get the chance to put some sweat equity into the project before it becomes yours. But because home renovation projects tend to last longer than they do with new construction, there’s always the risk that market conditions will change and render your investment worthless.
Are you considering a home building or remodeling project in Washington, DC? Not sure whether to go for a new build or a fixer-upper? The above new home builds vs. the fixer-upper points may help you decide. Whether you are planning to build a new home or need to renovate the fixer-upper, Homednb is the place to hire trusted and reliable contractors. We make the whole process transparent and hassle-free with vetted contractors at a fair price. So, let us manage and monitor your project from start to finish without any hassles!