Transforming Potential into Perfection: Is a Fixer-Upper Right for You?
Is a Fixer Upper Right for You? Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work. What Is a Fixer Upper? A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing. Because they need some elbow grease, these homes typically have a lower price point, based on local market value. In fact, a survey from StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes. And that’s why, according to a recent survey, more buyers are considering homes that need a little extra work right now (see below): If you're looking for an option to get your foot in the door, and you're willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option. Tips for Buying a Home That Needs Some Work Before you buy a home that may need a makeover, here are a few things to keep in mind: Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later. Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you're working on the house. Get a Home Inspection: Before you buy, hire an inspector to check out the house. They’ll help you determine the necessary repairs, so you don’t end up with expensive surprises later. Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream-state features (luxuries you can add later). This will help you prioritize and stick to your budget. Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home. Real estate agents are great at finding homes with potential. They know the local market and can guide you to homes where smart upgrades can add value. With their help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements. Bottom Line In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. Let’s explore what’s possible and find a place that'll work for you.
Download Your Free Fall 2024 Real Estate eGuides: Expert Tips for Buyers & Sellers
As we transition into fall, the real estate market continues to shift, making it more important than ever for buyers and sellers to stay informed. We're excited to announce that our brand-new Fall 2024 Buyer and Seller eGuides are now available. These guides offer essential insights to help you navigate the current market, whether you're buying or selling this season. These resources are packed with the latest strategies to guide your journey. For Sellers: If you're considering selling your home this fall or winter, our Fall 2024 Seller eGuide is a must-download. This updated guide provides a wealth of information, from how to set the perfect listing price to prepping your home for a successful sale. With expert tips on how to leverage current market conditions, you'll have everything you need to position your home for a top-dollar sale before winter arrives. 🍁 Download your free Fall 2024 Seller eGuide here:https://bit.ly/fall2024seller For Buyers: If you're house-hunting this fall, our Fall 2024 Buyer eGuide is your go-to resource. Whether you're a first-time buyer or you've been through the process before, this guide offers updated advice on securing financing, navigating inspections, and making competitive offers in today’s market. With our guide in hand, you'll feel empowered to make smart decisions and find the home of your dreams this season. 🏡 Download your free Fall 2024 Buyer eGuide here:https://bit.ly/fall2024buyer Your Guide to Real Estate Success This Fall 🍂 No matter where you are in the real estate journey—buying, selling, or even just exploring—having the right resources at your fingertips is essential. Our eGuides are designed to equip you with the knowledge and confidence to make the best decisions for your unique situation. In addition to our eGuides, we offer tailored services, including personalized consultations and comprehensive market analyses. Let’s work together to create a customized strategy that meets your real estate goals for Fall 2024. Get a jump start on your future! Download your eGuide today and let's plan for your success in the current real estate market. We can’t wait to help you on your journey!
194% ROI?! Unveiling the Home Remodeling Projects That Actually Pay You Back
Are you thinking about sprucing up your home? Whether you're planning to sell soon or just want to enhance your living space, remodeling can be a great investment. But not all projects offer the same return, especially since home repair costs have risen 40% since 2019. I know remodeling costs today can be disheartening, but the experts at Zonda, a housing market research firm, just released their 2024 Cost vs. Value Report, and it's packed with insights to help you maximize your return on investment (ROI). Curb Appeal is King When it comes to boosting your home’s value, exterior improvements are where it's at. According to Zonda, eight out of the top ten projects with the highest ROI are exterior upgrades. Why? Because first impressions matter. A home with great curb appeal can stand out in the market, attracting more buyers and potentially selling for a higher price. According to Clay DeKorne, Zonda’s chief editor, exterior replacement projects continue to make the most sense when it comes to adding resale value. In today’s market, characterized by higher mortgage interest rates and homeowners with significant equity, these projects stand out for their high ROI. Cost vs. Value: National Average for Home Remodeling Projects Below are all of the home remodeling projects that Zonda analyzed for its report, ranked by highest return on investment. Top 3 Projects with the Highest ROI This year’s report shows that the hottest projects for maximizing your ROI are actually the "unsexy" ones – the things that maybe don't grab headlines but definitely grab buyers' attention. Just take a look at the top three on the list, each of which has an ROI well over 100%. Garage Door Replacement: 194% ROI. This project tops the list, almost doubling its return from last year. A new garage door can dramatically improve your home’s exterior look, making it more attractive to buyers. Steel Entry Door Replacement: 188% ROI. Replacing your front door with a steel one doesn’t just boost security; it also enhances the overall appearance of your home. It’s a simple upgrade with a significant payoff. Manufactured Stone Veneer: 153% ROI. Adding stone veneer to your home’s exterior can give it a luxurious and durable look. This upgrade is not only stylish but also highly valued by homebuyers. For those looking for small projects with a big impact, doors are a great place to start. "A new garage door or new entry door can make a pronounced difference," says Todd Tomalak, principal of Zonda Advisory. "It could be the thing that makes one house stand out against all the others, making the home worth a higher price." Of course, there are other not-so-glamorous upgrades that can add value. Things like a new roof, windows replacement, and HVAC conversion also made Zonda’s list. Key Takeaway While a luxurious kitchen remodel might be your dream, the data suggests it won't necessarily pay off as much in terms of resale value. That doesn't mean you can't enjoy a new kitchen! But if you're focused on maximizing your return on investment, target those exterior improvements and strategic interior updates first. Ready to get started with some upgrades but don’t know where to start? I have a contact list full of trusted vendors in the area, pre-vetted for quality and affordability. These are the folks I call on myself, and I'm confident they can help you achieve your home improvement goals! Email or text for my top recommendations! - - - Jen Holden, Realtor® | Principal The Jen Holden Group of Compass 443.803.7620 (m) | 410.429.7425 (o) jen@thejenholdengroup.com www.movewithjhg.com
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