These are great tips for buying  a fixer upper!

 

 

 

Did you know?

Whether it’s a starter home, an investment property, or simply a fun project, according to the National Association of Realtors®, buying a house in need of some TLC requires a few special considerations.

                                                                                      

·         Purchase a home that is at least 30 percent below the market value of comparable homes in the neighborhood.

 

·         Choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.

 

·         Choose a house with three or four bedrooms. Smaller homes are unlikely to have the same buyer appeal.

 

·         Avoid homes that need major, unprofitable repairs: wiring, major plumbing, foundation repairs, major kitchen or bathroom renovation, and room additions. Spending money on these basics doesn’t add value, though buyers will expect them.

 

·         Find a home that needs profitable cosmetic improvements: fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.

 

·         Look for affordable, low-down-payment financing, such as taking over an existing mortgage, lease with an option to buy, seller carry-back, or a combo.

 

·         Avoid obtaining new bank financing until the fix-up work is complete and the market value has increased.

 

·         Don’t buy a house that is more than an hour from your current residence since you’ll be visiting it every day while renovation work is being done.

 

·         Make sure that that seller or tenants will vacate immediately upon transfer of title.

 

·         Look for sellers who are motivated and want to make the sale happen.

 

 

Need more information?   Call Shelley at 206-920-0244 or email me at shelleyshomes4u@yahoo.com

 

I would love to help!

 

Shelley Propernick                       

John L Scott RE                                                   

206-920-0244