10 Tips for Buying a Fixer Upper in Seattle
Several Key Home Buying Tips To Understand With Seattle Real Estate
Did you know?Whether it’s a starter home, an investment property, or simply a fun project, according to the National Association of Realtors®, buying a house in need of some TLC requires a few special considerations. · Purchase a home that is at least 30 percent below the market value of comparable homes in the neighborhood. · Choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.
· Choose a house with three or four bedrooms. Smaller homes are unlikely to have the same buyer appeal.
· Avoid homes that need major, unprofitable repairs: wiring, major plumbing, foundation repairs, major kitchen or bathroom renovation, and room additions. Spending money on these basics doesn’t add value, though buyers will expect them. · Find a home that needs profitable cosmetic improvements: fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping. · Look for affordable, low-down-payment financing, such as taking over an existing mortgage, lease with an option to buy, seller carry-back, or a combo. · Avoid obtaining new bank financing until the fix-up work is complete and the market value has increased.
· Don’t buy a house that is more than an hour from your current residence since you’ll be visiting it every day while renovation work is being done. · Make sure that that seller or tenants will vacate immediately upon transfer of title. · Look for sellers who are motivated and want to make the sale happen.
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