Everyone dreams of a certain kind of home. For some it has a racquetball court inside and tennis outside. Others want a wraparound porch. Whatever it is you are looking for, sometimes the answer to finding your dream home is buying one that isn’t in perfect condition.
This article will discuss why you should consider buying a home that isn’t in perfect condition. But first we will dive into the potential for purchasing a home with room for improvement, then the incredible savings.
Imperfect Homes Are Perfect for Perfecting
The challenge with buying a home that is in great shape is that it might not make any sense to fix it up as it will cost too much. On the other hand, if you consider a home with some comparably minor flaws you could wind up saving a considerable amount.
For example, you might look at a home that is in good shape, but that has carpet that will need to be completely replaced. In this situation, you might get a better deal on the home and for the price of new carpet and opening all the windows you could save thousands of dollars.
Knowing this you should be on the lookout for kitchens with broken cabinets, chipped countertops, and cheap linoleum. Why? Because you want a nice kitchen that suits your tastes, not the one they have in there right now.
This is where the savings come in.
You Make Your Money “At the Buy”
A little imagination can be very profitable. So many buyers turn away when the home is unattractive. They are leaving money on the table.
You need to look at the home from the perspective of what it would be worth in better condition. For example, what will the updated home next door sell for? That is the money you stand to gain.
Couple’s Long Island Home
This example is about a couple who bought a home on Long Island.
They had literally gone to every open house in town over the course of two years. Among them was one that happened every Sunday. This home’s major drawback was that the family owned many cats. The wife became friends with the real estate agent. Through this relationship the agent provided coveted information about the price dropping a week later, and that if they offered that much the home would be theirs. They made the deal.
The old stained carpeting was replaced with Pergo, the walls were painted, and the wood floors were sanded, stained, and finished.
This couple could have flipped it then and there for a fast $40,000 profit, but opted to stay in the home. Recently, they enjoyed a nice party with about 30 friends. They had a fire going in the backyard, kids were playing in the large game room, and they gained another memory of good times.
Best of all, the home was purchased at a bargain price all because it had no driveway, only one bathroom, and cats.
Keep this in mind, and you can do the same.
If you are interested in more information on buying or selling a home in Central Texas, contact The Damron Group REALTORS® located in San Marcos, TX.