These days, if you want to live in a great neighborhood that everyone covets, you might need to put together a pretty sum of money in order to even be considered among the many competing offers. But one thing that can help is knowing how to look at a property that some might not consider top-tier and understanding how to make it a great investment.
What's Fixable and What's Not
Sometimes, a property will have a lower cosmetic value and be overlooked by many other potential buyers. Those are great properties to look at when you are trying to find a hidden gem. But a brick restoration, along with a new coat of paint and new carpeting, could give the place a completely new look. A company such as Brick & Mortar Restoration can give you more information about brick restoration.
Usually, properties that have significant structural flaws are not ones that you can easily fix up and recover your investment in the property quite as easily. That is, unless you have an inside lead on a contractor who's willing to work on the project at under market rate.
Finding Homes that Could Be Hidden Gems
If you are looking for a deal, you might need to spend a little bit more time on your real estate search and be prepared to be disappointed at times. Getting a good deal does take effort, and it's not the path of least resistance. But that's why there is so much opportunity when going this route, if you can stick it out.
It's a good idea to let your real estate agent know upfront that you are willing to look at properties that may not be the most beautiful homes on the block. That way, your real estate agent will feel more comfortable in showing you a variety of properties. They can help you find strong leads on properties that are within your budget that could be great with a little extra TLC.
Keeping an Open Budget
When you know that you plan to remodel a home right away, that becomes a part of your buying budget. Do research on what common home remodeling costs are like. Set a budget for how much you're willing to spend in all categories of a remodel. Focusing on finishes and fixtures is a good way to have a big impact on the final product with the least amount of cash down.
Having a Great Representative
In a very competitive market, you still may be competing with a number of offers. So, you'll still need to move quickly and have a skilled real estate agent on your side if you want to be the successful bidder,