Does Your Next Home Need To Be Move-In Ready?

Real Estate Blog

The term move-in ready means different things to almost everyone. What might be called move-in ready in an advertisement could turn out to be anything from pristine and new to barely habitable. Rather than trying to define move-in ready, buyers must think about what the term means to them. Read on to find out more.

What Move-in Ready Might Mean to Many

Buyers throw around the term move-in ready but when asked what they mean it can vary. Most will say that it's a home that doesn't require extensive work just to move into it. Lenders tend to agree with buyers who think this way in some cases. Particularity when it comes to government-backed loans, like an FHA loan, for example, the home has to have certain basic features intact before the loan is approved. Usually, that means floor coverings and certain kitchen appliances. Some loaners can be even pickier, requiring homes to have window screens in place. If you are using a traditional lender, however, you may be free to buy a home that is far below those standards.

Structural Issues vs. Cosmetic Issues

Almost everyone has, by now, seen shows where potential home buyers look at a room that needs painting and declares it to be too much work. In general, however, most buyers view cosmetic issues like paint, flooring, and minor repairs as no bar to a home that is move-in ready. Some homes, however, cannot be lived in without repairs and that often includes issues like:

  • A malfunctioning HVAC system.
  • A leaking roof.
  • Damage and rot to floors.
  • Non-functioning plumbing or dangerous electrical issues.
  • Mold or other environmental issues.

How To Find a Move-in Ready Home

Most real estate agents will ask buyers about how much they are willing to do to make a home perfect for themselves. The willingness of a buyer to take on work will define the listings the agent shows the buyer. Make sure you understand how much you are willing to do and the cost of the changes before you set out on your home search. If you find a home that needs updating, get some estimates before you make an offer, and don't assume you will be able to afford the changes. It should be noted that some lenders will include a cash payment so buyers can make home updates before they move in.

To learn more, talk to a real estate agency, such as Nashville HomeGuru: Compass Real Estate.

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23 October 2020

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