A Rehabbed Home or a Fixer-Upper
INMAN announces “Mortgage rates see the biggest plunge in over a decade as the 30-year-fixed rate fell from 4.28% to 4.06%. Home sales jumped as buyers rushed to take advantage resulting in the biggest single-week decline in rates since 2008, according to Freddie Mac’s latest Primary Mortgage Survey released on Thursday. Freddie Mac chief economist Sam Khater said the drop is due to the Federal Reserve’s economic outlook, which predicted slowing economic growth.” Now that mortgage interest rates are back down, you can look to being a buyer again. You will certainly come across a rehabbed home or a fixer-upper. Should you bite? Can you save any money buying a fixer-upper?
According to Zillow, you can save about $11,000 buying a fixer-upper. The real-estate service found that homes described as fixer-uppers or with phrases such as “needing TLC” were listed for about $11,000 less than their estimated market value. Nationwide, 1.6 percent of listings came with such a description. Zillow advised buyers to look carefully at homes requiring repairs to make sure the repair cost doesn’t exceed the discount.
A Rehabbed Home or a Fixer-Upper
When you are buying a fixer-upper, it may have a charm that new construction doesn’t have. It may have crown moldings and features that require fine craftsmen’s skills that cost too much today. It may be in an old neighborhood with full-grown trees and amenities nearby that attract buyers. It may be near downtown close to work rather than in the suburbs and a long commute.
But, older homes have some drawbacks like antiquated kitchens and bathrooms, furnaces that look like an octopus making the house expensive to heat, and a need for a 220 electrical system to handle the modern electrical loads. Naturally, when you purchase the home, you will spend money bringing the home up to 21st century standards. You may choose to buy and do your own renovation or buy a home already rehabbed.
Why Buy a Rehabbed Home or a Fixer-Upper
- You Get An Updated Layout. Today many buyers are looking for an open concept home which is not a floor plan popularized by older or traditional style homes. Rehabbed homes usually mean moved or completely removed walls, and redesigning floor plans that cater to today’s modern family.
- It’s Inspection Friendly. When a good real estate investor takes on a new property, they go the whole nine yards to make sure the home is in move-in-ready condition for a new owner. These inspections include electrical, termite, foundation, etc. and are essential for ensuring the safety of an older home. That means having pulled all the permits and inspected.
More Benefits of Buying a Rehab
- It’s Energy Efficient. The older the home, the less energy efficient. Many rehabbed homes get their windows, doors and air-conditioning systems upgraded, giving them the latest in energy savings. These energy savers can be expensive undertakings making buying a rehabbed home good for your wallet.
- No Work Needed. With a refurbished home. You get the best of both worlds; the personality of an older home and you didn’t have to lift a finger to get it move-in-ready. Kitchens and bathrooms take the most time and money to redo, and most rehabbers conquer both before reselling.
- Move-In-Ready. Modern home buyers want stainless appliances and granite counters. Many want hardwood floors and wine racks under counters and modern, well-lighted bathrooms. If you pick a trusted real estate solutions company’s property, you’ll be getting a home that has been rehabbed by the best in the business. Best of all, you can move in right away.
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions, a compamy excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
