When looking for a house to buy you’re probably not in the market for something that looks like it’s ready to fall down, but, are you passing up a virtual goldmine? Think of it this way, instead of shopping for a dream home, maybe you should be out looking for a dream discount.
If you’re a first-time homebuyer, it’s easy to get distracted by a fantastic-looking home, all set up and ready to go. But, maybe instead of looking for what appears to be great, looking for a great discount instead. You might find a hidden gem at a great deal.
Here’s what I’m talking about, instead of looking on the outside superficially, think of buying a home for more than just cleverly stage furniture and a well-marketed property. Don’t dismiss the property because on the outside it looks like a visual disaster. You might be surprised to understand and learn the true value of the property. You may be gaining a lot more. Savvy listing agents and smart sellers both know the value of a good coat of paint and a few well-staged furnishings, but you may be overpaying for the work rather than getting a good deal.
Here’s what to look for if you’re planning on buying a home that needs a little bit of work.
Never neglect the home inspection. This is the most surefire way to find the best home, the best deal, and the right purchase for you. How much work are you willing to put in? If you can do a lot of the work yourself you can save thousands of dollars. Find a home that needs just a little bit of cosmetic work. Homes that need overhauls on the plumbing, electricity, foundation or roof could cost you tens of thousands of dollars and then it’s really not worth it unless you’re getting a screaming good deal.
Homes that need a little bit of cosmetic repairs such as new paint, new floors, new cabinets or new appliances really can be worth their weight in gold if you get the right deal. A savvy buyer might prefer to invest their money in a great location buying the worst home in the best neighborhood. A little bit of fix-ups and cosmetic repair can add a lot of value to your home because all the other homes in the area have higher values as well.
Just because the home doesn’t look like it’s right out of a magazine doesn’t mean you should toss it aside. This could be the hidden gem you’ve been waiting for. Ask your real estate agent to send you everything in your price range. Even if the home doesn’t fit all of your standards, some of the main things to look for is how many bathrooms you want and the size you want. Other things can be changed. You can add a bedroom, add square footage, and definitely add to the charm and cosmetic look of the home. Steer clear of homes that have way too much work to be done such as electrical or plumbing repairs.
Once you find a home you think is appropriate, make an offer and have a home inspection. You can always walk away but spending a few hundred dollars on a qualified, professional home inspection could save you thousands of dollars in repair later on if the home turns out to be a money pit.
Some other things to look out for when choosing a home that might need just a little bit of TLC:
- Strange odors
- Funky design
- Bad curb appeal
- Outdated appliances or materials
- Weird color schemes
Most of these things can be easily fixed, repaired or updated without a lot of major expenses. You might be surprised at how amazing your home will look with just a few cosmetic repairs.
If you’re in the market for home that needs just a little bit of TLC but you’re looking for that great deal, call me today. Let’s get started on looking at what is out in the Tri-Valley area to find the perfect home for your plans and your budget.