The decision to become a homeowner should not be taken lightly, and it is important to ask yourself the right questions when considering buying a house. Indeed, several studies have shown that the #1 criterion for over 9 out of 10 young people is the price! Of course, price is a very important consideration when buying a house, as you have a budget to stick to, beyond which you cannot carry out your project. What many buyers still forget is that there are different ways to buy a house.
In fact, some buyers want their new home to be turnkey and that they do not need to make any repairs upon moving in, while others are comfortable buying a house that needs a lot of renovation. This is often the dilemma that buyers face: should I buy my house turnkey and pay more, or take one that requires renovations which will cost me less.
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Each of these buying plans corresponds to a type of buyer. Let’s take the time to describe the effects, advantages, and disadvantages of buying a turnkey house or a renovation project to see which option fits your buyer profile!
But above all, it is important to understand that the choice to buy or renovate a turnkey house is often based on subjective criteria.
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We will continue to take the time to explain the impact of each project so that you can make an informed decision.
Remember that the project of buying a house is probably one of the biggest of your life! Take the time to do it right to avoid costly mistakes!
Turnkey House VS Renovation House
Buying a house is a big project, and it can be even bigger if you are considering buying an outdated house for renovation. With all the renovations and flip shows on television, it can be tempting to think that it would be easy to buy a house needing renovation to pay less and make a profit while becoming a homeowner. But is it really as easy as you might think?
This page addresses the issue and provides you with a comprehensive comparison of the two options, whether to buy a turnkey house or to buy a house to renovate. Know that each option obviously has its advantages, but also its disadvantages.
There is no perfect option, but your choice should be based on your buyer profile, your goals, your needs, etc. A turnkey house is often more expensive than a house to renovate, but people forget that the cost of renovation work often becomes exponential, and sometimes the final cost of a renovated house becomes greater than that of a turnkey one.
However, in a renovation project, you can adjust everything and tailor it to your taste. There is more flexibility to furnish the house of your dreams during renovation than when buying a house that is already 100% turnkey. As you can see here, not everything is black or white, and the nuances are important to understand. Once your decision is made, fill out our form to find a real estate agent who can help you buy or renovate your future turnkey home! They can help you find the property that suits you!
So tell us, do you think you are more of the “turnkey” type or more of the “renovate” type?
Buying a Turnkey House: Who is the Target Client?
Buying a turnkey house is the most common form of purchase in Quebec. Of course, in “renovations,” we do not consider small paint touch-ups or decorative adaptations. A turnkey house is actually a house where you do not have to do any work upon taking possession. Obviously, you can make aesthetic adjustments to your liking, but in the end, it will cost you practically nothing and take almost no time.
A turnkey house will provide you with a significant number of undeniable advantages. By choosing this type of property, you can first move in quickly and set up your personal belongings in no time. You have no craftsmanship to do, no money to invest, and you do not have to spend for a certain period of time.
In general, retirees love turnkey houses because they seek peace and do not want to spend their time on renovations. They can afford to buy a turnkey house, and they do! People with a good income and long-term jobs generally prefer to pay a little more than to bring their house to perfect condition.
Craftsmen will undoubtedly be frustrated when they have to pay more for a house where they could have done half of the renovations themselves. You are certainly not the target client! The table below presents the most important advantages and disadvantages as well as the target clientele!
| TURNKEY HOUSE: WHAT TO REMEMBER! | |
| Target Clients: | Retirees, high-income individuals, buyers who hate renovations, lack of time, etc. |
| Advantages | DISADVANTAGES |
| ✓ Ready to move in when you buy ✓ No renovations ✓ New or in excellent condition ✓ No noise and dirt from work ✓ Functional, current, and renovated house | ✓ Higher price ✓ The cost of renovations you would have done will be added to the price as a profit for the person who did it |
As the table expresses so well, a turnkey house is certainly the right choice for buyers who do not want to stress, who do not want to live on a construction site for several weeks, and want to move in quickly without worry. If you are not handy, you certainly will not try to start fixing all the little flaws everywhere, and hiring a handyman to do everything will cost quite a bit.
The turnkey house is the stress-free option that does not require you to invest time, energy, and money after moving in. If you want to have children, this is probably the option you will choose, as you likely do not want to live with your family on a construction site.
We can therefore say that families and buyers seeking peace and tranquility are the target clients for turnkey houses. But what about renovation houses? Who would benefit from investing in such a bold project?
Buying a House for Renovation: Who is the Target Audience?
We will tell you that renovation projects are currently in vogue and there have never been so many television shows about decoration and renovation. What makes renovations so popular right now? In fact, this is not unrelated to the fact that the prices of turnkey houses are rising and people want to save somehow to acquire a property to their taste.
Is it really cheaper to renovate by doing it yourself than to buy a turnkey house? Absolutely! It must be understood that if someone sells you a turnkey house, they include in the price the amount of renovations (work and materials), as well as an additional profit for the work. If you do the work yourself, you will not have to pay for the labor or the additional profit, saving at least 50% of the normal labor cost. It can easily amount to thousands of dollars!
But who wants to renovate when buying a house? In fact, you need to have a minimum of know-how if you want to buy a house for renovation. We do not improvise a common shooter, plumber, or ceramic maker overnight. The target clientele for this type of project is undoubtedly couples looking to buy their first property, young families, craftsmen, and people who want to fully customize their new property. This is not a project for those who do not have much free time and have absolutely no knowledge of renovations. The table below shows you the main lines you need to remember when buying a house for renovation work!
| HOUSE WITH RENOVATIONS: WHAT TO REMEMBER! | |
| Target Clients: | Young families, DIY enthusiasts, couples, first property, people wanting to customize their home, etc. |
| Advantages | DISADVANTAGES |
| Cheaper than a turnkey house Customizable to the buyer’s taste Renovations = you do not pay for the work and the contractor’s profits You go at your own pace Significant savings compared to a turnkey house for the same result | Noise, dust, and disruptions during work You are responsible in case of problems Current cost overruns Financing for work can sometimes be difficult |
As you can see in the table, there are still several target clients who need to renovate houses. If you say that a house is the most important investment in the life of the vast majority of Quebecers, it is normal to want a property to your taste and to adapt to your needs. For many people, spending a few weeks of time and money to customize and renovate your house so that it looks beautiful for many years is truly worth it!
Of course, the option of choosing a house for renovation comes with certain disadvantages, including dust, noise, and the need to live on a construction site for a certain period. In some cases, you may even need to leave the premises while the work is being done. You must make compromises and be flexible when you decide to embark on a major renovation project. Nevertheless, it is possible to make a bit of profit and during such a project transform an ordinary property into the home of your dreams!
Will you buy or renovate turnkey? The choice is entirely yours!
Now that you know the advantages and disadvantages of each option, whether to buy turnkey or to buy a house for renovation, what will you do?
Are you more like you want “peace of mind” and not stress yourself out by taking a turnkey house?
Are you more likely to be the type of buyer ready to invest time and money to customize an outdated house 100% to your taste?
The choice depends solely on you and your buyer profile. You can also buy a semi-detached house, a townhouse, or a condominium.
But if you are sure and certain that you want to buy a house, you just need to decide whether you want to undertake a renovation project or buy and move in as soon as possible.
Whatever option you choose, you need guidance and support from a professional.
Real estate agents offer their services for free to buyers throughout the province.
Just fill out our free and no-obligation form to receive up to 3 quotes from real estate agents in your area! You can compare the profiles of the 3 agents and choose the one you prefer!
All the details can be found in the following section!
Compare the best real estate agents to find or renovate your turnkey home!
Now that you understand the main advantages and disadvantages of each type of purchase project, you can better target the one that suits you based on your buyer profile. Are you someone who enjoys working with their hands? Are you retired and renovating full of your helmet? Are you more of a young couple ready to do some work to save big? Your needs, beliefs, and buyer mentality will greatly help you determine if a turnkey house is for you or if you want to buy a house that needs a little love! You often need to know which renovations are the most profitable before starting renovations to get the money in the right place!
Once you have made your choice, before starting the buying process, you should do your best to entrust the purchase of your new home to a real estate agent. Why? Well, simply because it is a real estate sales professional who offers you their services absolutely FREE! You don’t have to pay a dime; it’s the seller who takes care of it. So use the experience and expertise of a professional to make an informed and worry-free purchase!
To find the best broker, just fill out our form in a few clicks, and you will receive up to 3 quotes from the best brokers in your area. It’s quick, free, and without obligation! You can easily compare the offers and make an informed decision. Why miss out on this?
To complete your purchase project, work with a broker and fill out our form to take advantage of the best offer on the market.
Who knows, your broker might save you a lot on your purchase project! Give it a try; you have nothing to lose!
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