A good way to break into the home market is taking a look at some great fixer-uppers that obviously have the potential to become either a dream home or a profitable resale. Some of these older homes simply need a fresh coat of paint, new carpet, new blinds, curtains, or even new flooring to revive the home and the interest of other home buyers.
Search Realty reveals three advantages that come with purchasing a fixer-upper home.
1. LOW COST
It isn’t simply investors who are purchasing older homes to ‘flip’, but rather a lot of single people, couples and families as well, as the lower cost makes the home for sale much more attractive.
Of course, the home buyer doesn’t have to settle for the home as is. They can easily renovate and transform the house into something they envision it to be. Which presents another advantage of buying a fixer-upper.
2. GRADUAL COST
If the home buyer chooses to renovate and transform the fixer-upper, the great thing is that the home buyer doesn’t have to have all the funds needed to do this right away. Rather, they can take their time, be it a month, a year or more, to gradually transform their house into something beautiful. Once the first set of renovations is complete, the home buyer can relish in pride as their dream home is finally starting to come to fruition.
3. TURN A PROFIT
Of course, once that transformation is complete, some would cherish the home, but others would look at it as a commodity. If that's the case, then the home owner, now home seller, can be assured, due to the renovations that have sparked life into the house, that they will be able to turn a profit from the sale of the home. More than likely, substantially more than what they paid for the home.
The key to finding the right fixer-upper is through a home inspection. A qualified home inspector can evaluate the home to ensure that the cost of future renovations won’t be so excessively high that they would be unfeasible. An older home with serious problems with structural damage, plumbing and/or electrical irregularities should immediately be a cause for concern. In the case of a home with such serious problems, it more than likely will cost thousands of dollars in repairs.
Search Realty advises all potential home buyers interested in fixer-uppers to keep in touch with their reatlor, as the realtor can notify them of potential fixer-uppers that come on the market, before the home buyer would obviously hear about them. After all, the fixer-upper market is, in itself, quite competitive, and the home buyer wants to ensure that they have that extra edge needed, to get the home, which may start off as a fixer-upper, but can eventually be transformed into their dream home.