Move-In-Ready or Fixer-Upper

What’s the Smart Buy in La Cañada, Pasadena, and Beyond? Move-in-ready or fixer-upper?

In today’s market across La Cañada, La Crescenta, Pasadena, Glendale, Burbank, and Shadow Hills, scoring the best home-buying deal isn’t just about the lowest price—it’s about weighing cost, convenience, and long-term value. Updated homes are in demand, fetching nearly 5% more than expected, up from a just under a 1% premium last year, while fixer-uppers sit at a 7% discount, the most significant gap in three years. Buyers are shying away from renovation projects, but is a move-in-ready home worth the extra cost?

Renovation expenses: A kitchen remodel easily tops $50,000 in the San Gabriel and San Fernando Valleys and can quickly wipe out fixer-upper savings, especially with rising interest rates and inflation. Paying more upfront for an updated home, financed over 30 years, often beats draining repair savings. Yet, the 2024 Cost vs. Value Report reveals that most big upgrades, like kitchens or bathrooms, don’t fully pay off at resale, making turnkey properties a more substantial bet for many.

Paying a premium makes sense if you lack time or DIY skills, crave cost certainty, find updates cheaper than renovating, or spot a rare move-in-ready gem in the Foothill communities of La Cañada, La Crescenta or Shadow Hills. Conversely, a fixer-upper could work if you’re handy, have trusted contractors, don’t mind living through chaos, snag a steep discount, or face tough competition for updated homes in Pasadena or La Crescenta.

An experienced real estate agent can compare options, estimate renovation costs, and craft sharp offers. The bottom line? A move-in-ready home might cost more now but delivers value and peace of mind, while a fixer-upper needs a discount that justifies the effort. In our market, the right choice—and expert guidance—ensures a win.