HOW YOU CAN SPOT A HOUSE WITH POTENTIAL
what is a good buy?
Sometimes when you are buying homes, appearances can be deceiving. The most ramshackle and dingy looking house can actually have great ‘bones’ and with a little bit of tender loving care could be an absolutely gorgeous property. The newest and shiniest home could be distracting you with its exterior but actually have quite a few flaws. It is up to you as the home buyer to look past the superficial aspects of a house and determine whether or not you have found a property with potential.
Professional remodelers and house-flippers know how to spot a fixer-upper with great potential right away and how to distinguish it from a hopeless money pit. This allows them to buy cheap properties that everyone overlooks, make a few cosmetic upgrades and sell the house again for much more than they paid for it.
Whether you are looking to flip a house or simply looking for a good value home where you can raise your family, here are some tips to help you spot which houses have good potential and which ones don’t.
Look for the Signs of Potential
There are certain qualities that give a home potential and make it more valuable than others.
Here are a few major aspects that the home should have
- Simple Cosmetic Upgrades – Your goal is to find a house that needs just a few superficial fixes rather than serious deep-down remodelling. You want to be able to spruce it up with flooring, fixtures and new paint but you don’t want to have to replace walls or electrical systems.
- A Good Floor Plan – A house with an attractive and well-laid out floor plan will retain a lot of resale value. Most people prefer an open floor plan rather than small cut-off rooms.
- Lots of Light – a home that is designed to bring in a lot of natural light will always be more valuable than one that isn’t.
- Storage Space – Check to make sure the house has enough storage space for all your needs. Adding it in later will be expensive.
- A Great Location – This is something you can’t change, so choose a good neighborhood right from the start.
Are you looking for an investment property but unsure what is a good buy? Are you looking for your first time home and unsure where to start?
Before you make your decision, it never hurts to have some input from qualified professionals. If you are considering investing in a bargain of a home that needs a little remodeling, most contractors will visit and give you a free quote of their costs. This will give you an idea of whether or not the property a good investment or whether fixing it up will cost more than it is worth.
You can also ask the opinion of an estate agent who you trust and who will be knowledgeable about what sells well in your particular market. Alan Cooke Sales & Lettings will be able to help you determine what to do to a particular home in order to increase its value.