With extensive home building and renovation experience, your Good Investments agent understands what makes a prime candidate for a profitable renovation.
Whether you’re buying or selling, fixer uppers typically fall into 2 distinct categories…cosmetic or structural.
The cosmetic renovation will often involve nothing more than paint, carpet, landscaping and fixtures. These can renovations can move quickly because they typically won’t require permits or inspections that come along with them. On the other hand, a structural renovation may involve removing walls or repairing foundations and these will require permitting. More time consuming than a cosmetic reno, the structural renovation offers more profit potential for those with the patience needed to finish one.
Selling a fixer upper can be challenging. Many agents will encourage you to make repairs in order to make a return on your investment. This is understandable because most agents don’t have an outlet to sell project homes other than the “house flipper”. Because they have to budget for resale expenses, the flipper expects a deal and ultimately, it’s coming out of your pocket. Good Investments on the other hand has buyers waiting for the right project and because they don’t intend on reselling the home, they can pay more for it than a flipper can. We currently know of no other company in our market that approaches the sell of you home in this way and because we have owner occupants waiting to buy your home, we can get you a better price for your fixer upper than our competition can.
Buying a fixer upper can be challenging. Homes that need renovation may not qualify for a conventional home loan and this is where having good credit and a substantial down payment will make all the difference. Also, financing the repairs can be tricky as well but again, we at Good Investments know how to help you get the funds you need to see your project through.
Knowing and being able to identify good renovation opportunities is the key to making one work for you. For those who have the money and the guts to do it, renovating a home can not only be profitable, it can be the best way to get the home you want. Of course, all of this depends on finding the right home and being prepared to buy when the time comes!
To find the right Fixer Upper, work with an agent who understands the success of renovating, a Good Investments agent! Contact us today for more information.
However, there is a new way to renovate…recognizing easy ways to claim solar potentials only makes sense, if you know what to look for!