Have you ever walked into a home and thought “this would be perfect if it just didn’t need work”? Well, I hear that comment all the time from buyers because there are so many foreclosures on the market. Many of these homes need carpet, paint, kitchen & bath remodeling, new flooring, etc. In the long run, all of these repairs are minor if the home is in a great neighborhood, good school district and has a desireable floorplan.
What stops most buyers from turning a fixer upper into their dream home is work and vision. Some buyers simply can’t see past dirtly green carpet and riped tile floors. It takes vision to see hardwood floors and granite countertops in a home that has orange paint on the wall. For other buyers, the idea of calling 18 different contractors and getting bids for the work is overwhelming. They would just rather buy the house in the next community that doesn’t need all that work. Makes sense to me.
Now imagine this. I have two homes on the market; one for $36,900 and the other for $39,900. Both need no more than $20k in fixup work – carpet, paint, appliances, etc. ( I am not an inspector so this is what I can see). So can you imagine designing your kitchen, baths and living room according to your style? All of this for under $60,000 and a really low monthly payment. Does it become worth it to you?
Also, imagine three other things. One, the costs of the repair work can be rolled into your loan to purchase the home. You will only have one payment. Two, a renovation specialist will come out at no cost to you and help you visualize and price out the cost of your upgrades. This information is sent to the lender for review. Finally, the work can be completed within 60 days after you close on the house. The renovation specialist hires the contractors and supervises the work. You move in!
Now when you go househunting, don’t shy away from the fixer uppers. Start looking at them with vision. Look in magazines if you can’t visualize what you want. Turn that fixer upper into your dream home.
BTW, call me if you want more information on the fixer uppers that I have listed. I can make this work for you!