Recognizing a “Diamond in the Rough”.
Thinking of buying a home that needs some work, then turning it into a dream home? You are not alone. Savvy buyers everywhere are searching for fixer-uppers with dream home potential.
If you are one of those buyers who can spot the “Diamond in the Rough”, and envision everything that home could become, you may open the door to a wealth of financial advantages:
- You may get a bargain by paying less than market price.
- Bargain prices can get you into a more expensive area than you could otherwise purchase.
- You may be able to buy a larger home than you imagined.
- Improvements you make can increase the fair market value of your home.
- The renovated property will be done just the way you want it, reflecting your tastes and serving your needs.
Whatever the condition of the homes you consider – from quick fix to major makeover – you must be able to identify needs, estimate costs, weigh potential, and know when to make an offer. Asking yourself some questions can help:
- How much money are you able to spend on renovation and repair?
- How long will the project take?
- Will your completed home be comparable in value and amenities to neighboring homes, without being overvalued or over-improved for the neighborhood?
When searching for opportunities, it makes good sense to work with a real estate agent. They know their areas well and provide access to multiple listing service resources, both of which can really open up your field of choices.
Persevere, have a clear understanding of your priorities, knowledge of current market values, and a sense of how much effort different types of renovation require. With these things on your side, you have the power to turn a “possibility” into a home that provides comfort, enhanced quality of life, and financial security.