Shows like  HGTV's "Fixer Upper"  have popularized the idea of buying and renovating the worst house on the best block. Homes that need major remodeling, however, aren't for everyone. Sometimes a move-in ready house is a better option. Whether you're a first-time homebuyer or a seasoned investor, it's important to understand the pros and cons of each.

Pros of Fixer-Uppers

• Lower price --  Homes that require some updating tend to be priced lower, and many renovations can quickly add value to your home.
• Creative control --  When you're the one in charge of updating your home, you can customize it however you choose.

Cons of Fixer-Uppers

• Delayed move-in --  The planning and work involved to fix it up can significantly delay your move-in date.
• Unexpected costs --  No matter how well you plan, major renovations are always subject to unforeseen expenses.

Pros of Move-In Ready

• Quick move-in --  Can't wait to begin nesting? With a finished home, you can start moving in as soon as you get your keys.
• Energy-efficient technology --  New and renovated homes are often outfitted with the latest  energy-efficient options  when it comes to kitchen appliances and heating and cooling systems, which can save you money over time.

Cons of Move-In Ready

• More expensive --  To recoup the costs of updating, sellers often price move-in ready homes much higher. These homes also don't allow for easy customization.
• Questionable quality --  When you're not there to oversee the update process, you're unable to ensure that high-quality work and materials are used for your home.

Still not sure which approach is right for you? Take  this quiz  to help you decide if you're ready for a fixer upper.