How can you help buyers get excited about an older property? Are you searching for your perfect home? Don’t overlook an older home. A well-maintained historic home with gleaming wood floors and an updated kitchen sells quickly in most markets, but when a property is a bit run down or dated looking, it can still have valuable assets. Here are some reasons to give these homes a second look.
This House Has Good Bones
Image via Flickr by poweron
Homebuyers who might consider a fixer-upper absolutely love this expression. The phrase “good bones” reassures them that the house doesn’t have any known structural issues or major defects and that its size and layout are desirable even if some of its surfaces look a little shabby.
You Can Make This Into Your Dream Home
If you have a flair for creativity, you can personalize the house to be your own. If the seller had already done all the work, you would be paying for finishing work done to someone else’s taste. Buying a home with cosmetic issues that haven’t been fixed by the seller lets you save money on the purchase price, and you can use those savings to install interior and exterior finishes that they love.
You Can Reduce Your Risk With a Warranty
An older home can mean questionable systems or appliances that are near the end of their life cycle. You may not realize that you can buy a home warranty like the one from TotalProtect that will cover their electrical systems, appliances, furnace, and air conditioner. You can budget for the cost of the warranty and then sleep peacefully knowing that if their hot water heater breaks down, it is covered by the home warranty.
Let’s Talk About How to Fund the Renovations
New home buyers don’t always know that they can ask the seller for a credit to cover the cost of repairs. You might also want to know about mortgages that will cover renovations, too, like the FHA 203(k) program that wraps renovation costs into the mortgage loan.
This Is a Lot of House for the Money
Bargain hunters who are willing to take on a seller’s problems or clean-up work can often get into neighborhoods or homes they wouldn’t otherwise be able to afford. Look at recent sales figures of similar homes in the same school district or neighborhood to help you see whether the fixer-upper is a good bargain.
The Neighborhood Is so Desirable
Savvy buyers know that a home will never be worth more than the surrounding properties, so stressing a solid neighborhood with stable property values will appeal to them. Also, while fixing up a house might be challenging, it’s at least possible; a bad neighborhood can’t be repaired. Find features like good schools, easy access to highways, and low crime rates to help realize that your bargain home is likely to appreciate in value.
There’s a lot to love about older homes, and there are buyers who love the opportunity to pick up a bargain and turn a house into a creative project. Let these reasons help you decide on a fixer-upper of your dreams.