Fixer-uppers are a tempting option for many home buyers – whether you are purchasing your first home in Colonial Acres, buying in a good school district like Germantown or Bartlett, or investing in a rental property in Cordova or Whitehaven. Before you decide if this type of investment suits you, here’s what you should know about buying and selling fixer-uppers in Memphis.
Potential
While your potential fixer-upper may be lacking in appeal as it sits, you will need to be concerned with the long term outlook of being a seller. There are many factors to consider when buying and selling fixer-uppers in Memphis. Not to be overlooked, the most important aspect of value in real estate is the desirability of the location. All changes need to be made with the future buying public in mind. Despite any emotional attachment to the property, you must approach an investment in a property that requires rehabilitating, keep in mind the final outcome desired. You will want to understand the importance of the selections you make during the upgrades or repairs, whether in materials for counters, carpets, or overall style.
Make it Yours
On the other hand, while working with future appeal in mind, at the same time you can make a fixer-upper uniquely yours. Buying and selling fixer-uppers in Memphis can be a successful venture, while still fulfilling any desires that fit within the structure and any budget constraints. Are you a Memphis Grizzlies fan? Go ahead and hang your artwork of the Forum in your entryway. Do you enjoy supporting local businesses? Stop by Farrell-Calhoun to purchase high quality paint to spruce up the house.
Renovation Loans
While they may differ from conventional mortgages, it helps to know that there are unique financing options available to you when buying fixer-uppers in Memphis. Some of these renovation loan programs may even include additional housing for the time period involved in the repairs. Make sure that you explore all options with a reputable lender.
Expect the Unexpected
As anyone who has experienced updating or renovating their home, it’s not unusual to discover problems that were hidden, even from the best of inspectors. When you are considering buying and selling fixer-uppers in Memphis, you will want to allow for this possibility in your budgeting plans. It definitely helps to build a rapport with trustworthy contractors and other local workers, so that you can discuss issues and options when they arise.
Expenses
You will need to go into this area of the real estate market with realistic expectations of the timetable you are facing. You would never want to buy a property under a lot of pressure, such as a timetable to finish renovations in a short, specific time for a profit. Likewise, you should know how to estimate the costs you are facing in order to avoid financial disaster. Having a thorough appraisal and inspection so that you can plan properly for your project when buying and selling fixer-uppers in Memphis.
Professionals
If you are not experienced with all of the aspects of renovating fixer-uppers in Memphis, you’d be wise to build relationships with experienced contractors. Whether buying or selling, building a network of professionals as a team, while time-consuming, can pay off in the long run. This gives gives you the ability to work with trusted, local experts.
Know Your Market
You should also know that when you are buying and selling fixer-uppers in Memphis, that the majority of home buyers are seeking ready-to-move-in properties. For many, their schedule is already full and doesn’t allow the time commitment such an endeavor will require. For others, it’s a matter of being able to afford to move with virtually little to no physical effort along with the desire for instant gratification.
Looking to buy? Ready to sell? buyerhouse can help investors find the best fixer-uppers to buy in Memphis! A direct sale to buyerhouse is a great way to sell your fixer-uppers in Memphis! Send us a message or call (901) 459-3007 today.