Is it too much of a project?
We've all heard of the project person - you know, a guy or girl that could be great with just a little (or more than a little) work. A project house could be even more alluring. Seriously, who doesn't love the idea of a fixer-upper these days? But, you need to know your limits, says Bob Vila.
"Don't overestimate your abilities. Determine if the house you like needs work," they said. "Then assess whether you're really capable of doing it." It's also a good idea to properly estimate the post-renovation potential with help from your real estate agent. "Make sure that if you can't do the work, you get estimates before you buy the house so you know what you're getting into. If the cost of the house plus the renovations will put the home's value significantly above others in the neighborhood, it's probably not the best investment - or you may need to scale back the renovations."
What are its friends like?
You can tell a lot about someone by their friends, and the same is true of homes. If the home you're looking at is fixed up and well-taken-care-of, but the rest of the neighborhood is eh, that could be reason to walk away. "Before making an offer on that picture-perfect home, take a look at the surrounding houses. If they're all in disrepair - or just obviously less nice than the one you're considering - you might be buying the most expensive house in the neighborhood," said Realtor.com. Their three reasons include: 1) "When it comes time to sell, unloading the priciest home on the block will be a challenge. 2 ) A home is an investment - and the best investments have the most room for improvement. Ideally, you'll be adding to the home during your ownership, building equity in hopes of a payoff when you (eventually) sell. 3) You can't bet on the neighborhood to improve."
No comments:
Post a Comment