Should a Buyer Give an Overlooked House a Chance?

Photo by realtor.com

With low inventory and interest rates still high, maybe Buyers should start looking more seriously at those homes sitting on the market or those homes that are needing some love. Everyone wants a turn-key home, but those are few and far between right now. Let’s look at this realtor.com article that sheds some light on purchasing one of these overlooked homes.

Awkward floor plan, fixer-upper, located on a busy street, out-of-date fixtures – some of these homes may just need a coat of paint and a few renovations to make it what you envision your home to be. Start thinking outside the box and take a first look or another look at a home that you thought was undesirable. It may just be “the one.” However, we recommend always getting a home inspection to make sure there are no major problems like foundation issues or mold or mechanical problems or a leaky roof.

If it’s been on the market a long time, you may be able to get a significant price reduction and other savings like closing costs covered by the seller. Those savings can help with any needed renovation costs that might be needed.

Location not great? You do want to consider resell. However, you may find the discount you received in order to buy may be worth it in the end. There is a buyer for every home – at the right price.