Home shopping this season has been sparse this season and not due to the lack of buyers… There’s a low volume of properties available to choose from, many buyers are looking for more bang for the buck and getting disappointed. However, there are some homes being left on the market, that with some rehab can be considered a diamond in the rough.
Its important for a buyer to understand the value of a home as it appears today, but to also get some understanding of what the home may be worth down the road, after making some improvements. Some may want the home that is already new and fresh, but consider buying an underdeveloped property. Its a clean canvas to renovate, making what was once a house into home and possible saving you some initial monies in purchase price.
What do you need to look for in a home, what is important to you and what are you willing to live without…for now? These are only a few questions that come up when home shopping. Of course, the number of bedrooms, baths and total rooms impact your decision process. The condition of the kitchen and bath(s) appear to make the greatest impact. Some home buyers are handy and others are not, its what you can do on your own versus what you need a professional to assist you with, that can make all the difference.
Take advantage of home improvement classes given at local hardware stores and businesses, such as Home Depot and Lowes, each providing information on home improvement. As previously stated, there are times when you need the help of a professional and that’s where your REALTOR®, family members or friend can recommend a person or business to assist you. Its important to ask for references and depending on the work being done, make sure the appropriate permits are pulled from the town where required.
Winter months do make the home buying task difficult, but it can also be rewarding. Homes bought during this period are marketed at lower prices, Springtime is the height of the market. Even those home requiring improvement, will be at higher market value. With that said, good homes are good homes; sellers working with experienced agents know what their homes are valued at.
Understand what you can afford, know what you can do on your own and shop for a home within your means…