Slum lords leave money on the table. A well-cared for property is smart business for you as an investor: (1) Prime condition properties rent and sell for more, and they rent faster (reducing the dreaded turnover cost). (2) Tenants stay longer in well-cared for homes. The main concern every tenant has is: will you fix Read more about Slum lords make less money as investors[…]
In February of this year the Wall Street Journal reported that Orlando fell on the list of “metro areas with the most fixer uppers listed for sale.” Often purchasing a fixer upper saves money, but there are ways to tell if it’s right for you. We’ve gathered the profiles of four types of homes to search for that run the gambit from “huge time and money investment” to “brand, spanking new.” There may be some options that surprise you.
“If you can’t be handsome, be handy.” – The Red Green Show
This is one of our favorite quotes and it totally applies to searching for a home that needs some care! The first sign of a lovable lemon is in the listing description with phrases like “as-is.” When viewing this home buyers may think “I can picture a more open layout,” or “the bathroom shower is disgusting.” It is important to keep certain repairs in mind. Large projects like the roof, foundation, or framing can be expensive.
The Lovable Lemon Dwelling is right for you if:
– You love taking on a project (even Ikea furniture or assembling children’s toys).
– You’re handy, or you’re willing to learn to be handy (houzz.com has some great tutorials).
– You have an eye for design.
– You want to save money on your initial purchase of a home.
– You’ll be able to fund projects overtime.
– You have time on weekends and holidays.
– You’re patient.
“There is a kind of beauty in imperfection.” – Conrad Hall
Not quite full remodel, not quite move-in ready, these homes can be deceivingly simple to fix up without a lot of time and money. They generally have good bones, like a newer roof and appliances, pleasant layout, and attractive cabinets and vanities. What throws buyers off of these homes are visual elements like the carpets, wallpaper, or fixtures. Cosmetic fixes are easy and cost-effective to change, they just require a little imagination.
The the Cosmetic Makeover Crib is perfect if: […]