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Fixer, Foreclosure, Why or Why Not

January 17 2015
January 17 2015

I was in the process of editing our Real Estate Book and one of our client's called inquiring about a foreclosure / fixer up property that had been listed on the market for over 50 days. ( And in our area it is a huge red flag if a home has been on the market for that long. )

Coincidentally, I was editing the very page that pertained to our conversation within seconds of her phone call.

Here is what I wrote in my book and shared with her:

- If you are considering searching for a property that requires a bit more TLC and fixing up, be wary – only go for a fixer-upper if you’re willing to invest the time and money necessary to bring the home up to your standards. Be realistic about the costs of fixing up a property. Ask yourself: will buying a fixer-upper really save me money in the end? Do I even have the time, the know-how, and the necessary resources to update a home? Will I be living in the home while I renovate or will I need to rent elsewhere, incurring additional out-of-pocket expenses?

Note to Buyers: Be sure your needs are in line with your future goals.

The reason why I do not think a fixer is right for this particular set of clients is because their goal is to live in the property for a few years than sell it and move into a larger home later. The home she called about is in need of thousands of dollars worth of upgrades and repairs not to mention it is located on a busy street and on a steep hillside. Aside from the great sums of money they would need to invest in the home, this property will never be an easy sale. In this case, I have to say, this home is not in alignment with their goals.

In my opinion they need to purchase a home that is re-saleable and appeals to the masses or they will be stuck with the home and unable to move on easily and acheive their goals.

At the time of writing this passage I recommended a home in Hiller Highlands. You may ask, Why? Hiller Highlands is a small community situated close to shops, restaurants and highways. Properties rarely come on the market and are always in high demand. Should they choose not to sell and they can hold onto it as an investment and lease it out.

To learn more, have a question or are interested in buying or selling a home, please give us a call.  We are always happy to assist.

Happy House Hunting!

Debbi


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