Move-in ready homes are in high demand, and most Columbus home buyers are willing to pay a premium for them. But as home prices rise, it makes sense to give fixer-uppers a closer look. Here’s why!
According to recent articles in Columbus Business First and the Columbus Dispatch, investors are stepping back from the Central Ohio real estate market. Higher home prices have thinned the profit margins of home flippers, and they are not scooping up properties like they used to. This could open more opportunities for occupant home buyers.
If the words “fixer-upper” make you flinch, don’t worry! The term can apply to homes that need cosmetic updates or minor renovations. A home with “good bones” in a prime location might need a new roof, or a new furnace, or both. You’ll never know what you mind find, but being open to possibility can pay off.
When you buy a home that needs a little work, you can tailor the improvements to your needs and tastes. You stand to benefit from any increase in home value that your upgrades create. You can finance your home purchase, along with any needed updates and repairs using an FHA 203(k) mortgage. These mortgages come in two different versions, making them suitable for cosmetic updates as well as significant repairs.
Here’s another point to keep in mind: sellers who update a home for the sole purpose of selling it, don’t spend more than they need to. Unless you have proof of the work performed and the materials used, it’s hard to know the quality you’re paying for. Yet these homes usually command a higher sales price, because more buyers are drawn to move-in ready, fully updated homes. In this situation, it can take longer to see an appreciation in home value – because the seller has already collected it from you.
Still nervous about fixer-uppers? Rest assured, our Buyer-Clients are well-protected! Because we only represent buyers, we don’t pull any punches when it comes to evaluating home condition and price. We use buyer-centric contracts and contingencies that protect your interests. We connect you to reliable home inspectors and contractors who identify needed repairs and their costs.
Ready to learn more? Begin with our free e-book, “How to Buy a Home like a Pro!” There’s no obligation, and your information is not shared with anyone else. Click here to download your copy today!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
