If the only property for sale is a rundown condo or home, this may be a golden opportunity to buy into a great school district or posh urban area.
Chicago, IL (PRWEB) May 24, 2015
With national real estate inventories near historic lows, it’s tough to find a nice property. Peoples Home Equity knows that even if prospective buyers find a nice property it may already be pending or sitting on multiple bids. Homebuyers and investors alike may be better off purchasing a fixer upper property rather than searching for the perfect listing.
Peoples Home Equity offers the following tips on how and why one should purchase a fixer upper home.
Buy into a great location
Purchasing a home in a nice area and be challenging when so few listings are available. If the only property for sale is a rundown condo or home, this may be a golden opportunity to buy into a great school district or posh urban area.
Buy at a great price
Buying a dilapidated home or trashed condo may look unappealing but the price will be reflective of the state of the property. Buyers can benefit greatly from purchasing a fixer upper property by saving a lot of money on the purchase. Before placing an offer, buyers should remember the added cost of remodeling. Ideally, a buyer is able to not only purchase a fixer upper for less than comparable properties but also spend less in total with remodeling included.
Personalize the home
The most exciting reason to purchase a fixer upper home is the gratification of personalizing it. Fixer upper properties require work, if one loves to put in hard effort to make something beautiful then they create a property that they absolutely love. The outcome of this will not only be the homeowners happiness with their surroundings, but also higher property values.
Make sure there is no fundamental structural damage
Buying a property that needs work is attractive, especially for investors looking to either flip the property or buy and hold as an income unit. However, one should be weary of structural damage, mold, water leaks, roof repair and all cost a hefty sum. Thus, one wants to make absolutely sure what and how much repairs need to be made. In the case of a condo, the buyer should find out what and how much the association company will cover.
If listing a property for sale and are in need of a mortgage for a new home, contact a Peoples Home Equity loan officer today at: 262-563-4026