Location: Research the neighborhood's potential for appreciation. Look at local amenities, schools, job growth, and future development.
Comparable Sales: Review recent sales of similar properties in the area to understand current market trends and property values.
Condition of the Property: Make sure the home is structurally sound and doesnât have major issues (e.g., foundation problems, outdated systems).
Buying a home that needs work can be a good way to get a property at a lower price, but it comes with risks. Consider these factors
Cost of Repairs: Get a detailed estimate from contractors for necessary repairs or renovations. Make sure the cost is within your budget and doesnât exceed the value it will add to the home.
Time and Effort: Renovations take time, effort, and patience. Will you be able to manage the work (or will you hire someone) without disrupting your daily life?
Financing: Some loan programs (e.g., FHA 203(k) or Fannie Mae HomeStyle loans) allow you to finance repairs into the mortgage, but youâll need to qualify for the additional costs.
Resale Value: Ensure that the repairs or upgrades will increase the homeâs value enough to justify the investment. Avoid over-improving for the neighborhood. If youâre comfortable with the costs and time required, a fixer-upper can be a good way to buy into a neighborhood at a lower price.
To assess if the price is fair, you should:
Review Comparable Sales : Compare the price of the home to similar properties that have recently sold in the area. This will give you an idea of whether the home is priced competitively.
Market Conditions: Consider the current real estate market in the area. In a sellerâs market, homes may sell above asking price, while in a buyerâs market, you might find more room to negotiate.
Appraisal: If youâre getting a mortgage, the lender will order an appraisal, which will assess whether the homeâs market value aligns with the sale price. If the appraisal comes in lower than the asking price, you may need to renegotiate.
If the home is priced much higher than comparable homes, or if itâs been on the market for a long time, there may be room for negotiation.
What My Clients Are Saying
âKelle is an exceptional realtor! She goes above and beyond what is required. She helped my parents buy a home, when they were moving to Texas from out of state. Her communication is excellent, and she even left them a house warming gift. I highly recommend her!â

Cheri H

âKelle was awesome. She went above and beyond with helping me sell my house. With hail storm that hit, being out of town, and wife bought to give birth. She helped coordinate roofers and contractors painting inside my house.

