Buying a home is an exciting time. It’s a time that promises change, opportunity, and the ability to make something as important as a home your very own. When you’re looking for a new home, consider buying a fixer-upper. Here’s why:
A fixer-upper can save you a ton of money. Most home buyers want to walk right into a home that is ready and waiting for them. They don’t want to have to do any extra work to make the home a nice and comfortable place to live. Many aren’t even willing to change the paint colors. They want it “move-in ready.”
This makes fixer uppers a good value because in order to compete with the move-in ready homes, they have to lower their asking price significantly. Often you can buy a fixer-upper in a good neighborhood and save 10, 20 even 30% on the home relative to the other homes in the neighborhood. As a buyer, more cash stays in your pocket and your bank account.
A fixer-upper also allows you to make money on a home. You’ve probably heard the term “Flipping.” This is a term for people who buy fixer-upper homes, fix them up, and then sell them for a profit. If you buy a home in a good neighborhood and fix it up, you can often make thousands, sometimes hundreds of thousands, of dollars in profit.
Now, even if you’re not a professional home flipper, you can make money on your home. Buy it at a low cost, fix it up, and you instantly increase the home’s value. When you’re ready to sell, you will likely recoup all your investment with a bit of extra profit.
Buying a fixer-upper also means you can make the home uniquely yours. Moving into a move-in ready home means you’re likely going to have beige walls, beige carpet, and beige tile. Sure, it goes with everything, but it doesn’t have much personality. Being able to update the house to your personality will make it a more enjoyable place to live.
Fixing up a home is rewarding. We’ve talked about money and comfort, but we’ve yet to mention that fixing up a home can be emotionally satisfying. There’s just something very rewarding about improving a home. Turning it from drab or downright ugly to a place you can be proud of.
When choosing a fixer-upper, experts advise steering clear of homes that need structural work. Generally, you want to find a home that needs cosmetic improvements, not a complete overhaul from the foundation up. Structural improvements and major renovations can get expensive, and you may find you’re over your head.
Search for your new home carefully. Take your time and evaluate the pros and cons. And don’t neglect the homes that need a bit of repair. They can offer great bang for the buck and tremendous satisfaction. Just be ready to act when you find one that will work for you. We are currently in a low inventory market, and when a good one comes along, don’t hesitate, or someone else will get your house.
Don't wait until signing the contract to educate yourself about the intricacies of buying or selling a home. Failing to plan appropriately for one of the most expensive and significant investments you'll ever make can lead to many regrets and problems later on.
First-time buyers are especially vulnerable to making mistakes if they don't educate themselves beforehand. So even if you've purchased or sold one or more homes in the past, it's a good idea to educate yourself all over again to discover changes that have taken place in the real estate market.
Choose the type of mortgage best for you – a VA, FHA, or USDA. There's also the question of whether or not you should apply for an ARM (Adjustable-Rate Mortgage) or a fixed rate. Your real estate agent and lender should be an excellent resource for those answers.
Execute a study of real estate in the neighborhood you like and want to purchase in. Check out whether homes are selling fast or lagging on the market. If the latter is true, find out ...
Your home will have certain features that will interest buyers. Whether you’re selling your home yourself or using the service of a real estate agent, you need to make sure those features are showcased.
You’ll want to start by ensuring that whatever home listing is used draws attention to those features. While an agent automatically knows what to put in the listing, you might not. But some things that are considered special features are what you should highlight. You’ll need to mention where the home is located and what it’s near. For example, some young couples with school-aged children are looking for homes close to good schools, so you’ll want to highlight that. Others are looking for homes close to other perks like shopping, the downtown area, etc.
You’ll want to highlight the amount of square footage that you have. Not only should you or your agent do this in the listing, but you must highlight it in your home. That means removing as much furniture as you can feasibly ...
I know this topic has been addressed by me before, but I thought I would do a quick reminder post. Staying competitive is essential now that prices are starting to go down and buyers are coming back into the market.
1. Not being realistic about market conditions: Pricing the property too high is one of the most common mistakes made by sellers. This can lead to the property sitting on the market for an extended period, resulting in missed opportunities and wasted resources. Instead, sellers should be aware of market conditions and price their property accordingly. Failure to do so can result in a longer time on the market or a lower sale price.
2. Neglecting home repairs and updates: Another common mistake is failing to make necessary repairs or updates to a property before listing it for sale. This can result in a lower sale price or a longer time on the market.
3. Over-personalizing the property: Some sellers may personalize their property too much, making it difficult for buyers to envision ...
