There's no doubt that buying a home is an expensive business. But if you have a humble budget there are ways to get a home for less. One of those options is getting the well-known 'fixer-upper ' that you can work on over time.
While it's nice to move into a home that is family and daily-life ready, the fixer upper lets you individualise the property while also giving you affordability. Additionally, the work you do on the home gives it greater equity. So if you would like to sell later on and move into a more finished house, you will have a larger budget with which to work.
The only real caution with the doer upper is the price of upgrades vs. The savings in the house. Cosmetic touches are one thing, brand new sets of windows or driveway repairs (for example) are another. It could be worth the time to have a professional contractor consult on a potential home who can offer you an idea of the costs for your upgrades.
A second way to keep your position in line is buying a smaller home. Not only are houses with smaller square footage less expensive at the outset, but they also decrease your application costs. The size of your lot and house also impact taxes - so if your folks can fit in the littler space, and you like the property keep this option open.
A third budgeting factor is location. Many people need to be close to their work. Nevertheless your job may change. Houses close to towns and business centers tend to cost more due to demand. A better choice is going farther away from the town to an area that has got a good bus or tube system (or where you can vehicle pool to work). The rustic home (depending on the land) typically won't cost as much, and you can save money on gas by using public transport.
4th, and this is an important one, don't rush your call. The majority of people get a home after seeing under 10 homes. Actually, look at 1 or 2 more and pay attention to homes which have been listed for three months or even more. Those properties will possibly lower their selling price as will houses which have been 'flipped ' and property where the owner is moving out of area.
By following these suggestions you can finish up with a home that has potential, but also fits your position wonderfully.
While it's nice to move into a home that is family and daily-life ready, the fixer upper lets you individualise the property while also giving you affordability. Additionally, the work you do on the home gives it greater equity. So if you would like to sell later on and move into a more finished house, you will have a larger budget with which to work.
The only real caution with the doer upper is the price of upgrades vs. The savings in the house. Cosmetic touches are one thing, brand new sets of windows or driveway repairs (for example) are another. It could be worth the time to have a professional contractor consult on a potential home who can offer you an idea of the costs for your upgrades.
A second way to keep your position in line is buying a smaller home. Not only are houses with smaller square footage less expensive at the outset, but they also decrease your application costs. The size of your lot and house also impact taxes - so if your folks can fit in the littler space, and you like the property keep this option open.
A third budgeting factor is location. Many people need to be close to their work. Nevertheless your job may change. Houses close to towns and business centers tend to cost more due to demand. A better choice is going farther away from the town to an area that has got a good bus or tube system (or where you can vehicle pool to work). The rustic home (depending on the land) typically won't cost as much, and you can save money on gas by using public transport.
4th, and this is an important one, don't rush your call. The majority of people get a home after seeing under 10 homes. Actually, look at 1 or 2 more and pay attention to homes which have been listed for three months or even more. Those properties will possibly lower their selling price as will houses which have been 'flipped ' and property where the owner is moving out of area.
By following these suggestions you can finish up with a home that has potential, but also fits your position wonderfully.
About the Author:
Sherrin Nissen is the owner of junobeachrealtor.com, a website that has MLS search functions for Jupiter and Juno Beach Florida
No comments:
Post a Comment