What's Hot

    [2022] Top 3 Best Places To Work Remotely In Sedona

    August 10, 2022

    Investing in Real Estate In Sedona

    August 1, 2022

    Homes for Sale In Sedona With Red Rock Views

    July 31, 2022
    LinkedIn Telegram
    Homes For Sale in Sedona | Own In SedonaHomes For Sale in Sedona | Own In Sedona
    Contact Us
    • Home
    • Blog
    • I Want To Buy
      • Camp Verde
      • Clarkdale
      • Cornville
      • Cottonwood
      • Rimrock
      • Sedona
    • I Want To Sell
      • Home-Staging Guide
      • Seller Guide
      • What’s My House Worth?
    • Helpful Resources
      • Average Home Price
      • Days On Market
      • Homes For Sale in Sedona
      • Homes Sold
      • Median Home Price
      • Months of Supply
      • Price Per Square Foot
    • Contact Us
    Homes For Sale in Sedona | Own In SedonaHomes For Sale in Sedona | Own In Sedona
    Home»Real Estate Blog»Still haven’t found your dream home? Consider a fixer-upper
    Real Estate Blog

    Still haven’t found your dream home? Consider a fixer-upper

    January 21, 2021
    LinkedIn Reddit Telegram
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Have you made your wish list of all the things you crave in a new home?

    If you have, you may wonder if there’s a home on earth that has all those features, at a price you can afford. Probably not, but in cases like this, it’s time to change the way you shop.

    Start looking at ugly homes.

    Surprised? Homes that need work, or “fixers” as they are called in the real estate industry, are the ideal choice for the picky homebuyer, and here’s why:

    • They are less expensive than homes in move-in condition.
    • There is typically less competition in the fixer market.
    • You can customize the home to fit your home-buying wish list.
    • You may be able to buy in a more expensive neighborhood, which will help boost the home’s value when it’s repaired.
    • Financing options are quite attractive.

    “In some markets, buying a fixer can really be a game changer, bringing the typical single-family home into reach for a median-income household,” says Realtor.com’s Cicely Wedgeworth.

    Shopping for a fixer

    Shopping a fixer-upper house for sale may be challenging at first. Remember, these homes are typically not very attractive so you’ll need to learn how to look at them in a different light.

    Forget trying to picture yourself living in the home now – picture instead what the home will be like when you’ve transformed it.

    The most important aspect of fixer-upper shopping is to find a floor plan that most closely fits your needs without having to knock down too many walls.

    While removing a non-load-bearing wall may cost between $2,000 and $3,000, ripping out a load-bearing wall costs $1,200 to $3,000 for a single-story home.

    If the home you purchase has more than one story that price jumps to between $3,200 and $10,000, according to the folks at HomeAdvisor.com.

    As you can see, the floor plan is key when looking at fixers.

    Two professionals you simply must have on your side when shopping in the fixer market include a real estate agent to help you negotiate and a contractor, for obvious reasons.

    Financing the fixer-upper

    Once you decide on a home, unless you’ll be paying cash for it and for the rehab work you’ll need to get financing. Unlike in years past, today there are several attractive options.

    Our favorite programs are the FHA 203(k) loan, the Freddie Mac Home Possible® mortgage and Fannie Mae’s HomeStyle® Renovation Mortgage. Although these programs have different qualification guidelines they all basically offer the same thing: They permit borrowers to wrap the rehab work into the financing for the home.

    One loan covers both. With the FHA program you won’t need to start making mortgage payments until you actually move into the home.

    This is a significant money and time saver. First, having just one loan means you’ll save on closing costs. With all three programs, the loan amount is typically based on the value of the property when the work is completed.

    The process is complicated, we must warn you, but with the right contractor and real estate agent, buying a fixer-upper property may just be the best investment you’ve ever made.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleFun Tips for Holiday Road Trips
    Next Article Houseplant Rescue

    Related Posts

    Home Buying Process In Sedona: Everything You Need To Know

    New Sedona Short Term Rental Law Creates More Restrictions for Property Owners

    Comments are closed.

    ABOUT
    Best realtor in Sedona

    Hi, my name is Will and I am a third-generation real estate agent and investor of Sedona. I have been a Sedona native for more than 30 years. I am an Associate Broker at Realty One Group Mountain Desert in Sedona and I am a Certified Crypto Agent.

    If you have any questions about Sedona Real Estate, Investing, or Crypto, I’d love to speak with you.

    I Want To…
    • Search For Properties
    • Learn More About Buying
    • Find The Value Of My Home
    • Schedule A Call
    • Read Tips and Tricks
    • View Featured Communities
    • See Client Success Stories
    • Talk About Selling My Home

    BEST REALTOR IN SEDONA

    Homes For Sale In Sedona

    • Privacy Policy
    • Sitemap
    • Real Estate
    • Testimonials
    • Contact
    Menu
    • Privacy Policy
    • Sitemap
    • Real Estate
    • Testimonials
    • Contact

    © 2022 The Equity Team Sedona | All rights reserved.

    Realty One Group Mountain Desert | 3150 W State Route 89A, Sedona, AZ 86336 | Office License # LC654107002 | Agent License # BR676591000 | Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.