For The Handy Homebuyer Opportunity Can Be Great!

There are a number of issues, which make this current real estate market different from any previous housing cycles I have witnessed during my 30 years as a Realtor. One of the more primary of these is the number of homes on the market, which require tender loving care. In other words, they are fixers. Because the recession has gone deeper than previous down cycles of the past 60 years, and unemployment has been significant, many homeowners simply haven’t had the funds needed to handle home maintenance issues in a manner they normally would. And still other properties in need of repair, are vacant and bankowned.

But as every cloud is supposedly gifted a silver lining, so goes this real estate marketplace, with the saturation of properties needing care. If you are a homebuyer, with handy skills in home repair, then you have a window of opportunity to sweat some real equity in any home you may purchase.

However, consideration needs to be given to certain things, prior to purchasing, which can safeguard any investment of money, time and effort.

(1) As in all home purchases, it is all about location, location, and location. Consider striking up a conversation with neighbors, who often provide a history of the neighborhood and any problems or nuisances, which may exist. Neighbors can also enlighten about amenities in the community, the weather in the area, school quality, etc. In addition to general neighborhood and community information, close neighbors of a property can often provide a good background on the specific property you are interested in.

(2) Make certain to query your real estate professional about real estate value trends in the immediate area of the home. Consider asking your agent to provide a CMA of the property.

(3) Are jobs, employment and business, readily available, and growing in the community, or are they leaving the area?

(4) Once you have informed yourself about the location and history of the property, it is time to consider what inspections ought to be performed to satisfy any questions about structural condition of the home. Many real estate professionals suggest home buyers procure a termite and home inspection, as well as sometimes recommending having a roof inspection performed. There are other available inspections, which may be considered. Since most bank-owned properties today are sold "as is" without disclosure, it is vitally important to have inspections by qualified individuals to appraise you of any damage, and potential cost in repairs to bring the home up to standard.

If you are in the Greater Sacramento Region, and thoughts of purchasing a "fixer-upper" home appeals to you, please contact me to assist you in understanding potential savings and opportunity with such an investment.

I look forward to hearing from you!