Should I purchase a rehabbed house in Omaha? Or a fixer-upper? How much can I save buying a fixer-upper? According to Zillow, about $11,000. The real-estate service found that houses described as fixer-uppers or with phrases such as “needing TLC” were listed for about $11,000 less than their estimated market value. Nationwide, 1.6 percent of listings came with such a description.
Zillow advised buyers to look carefully at houses requiring repairs to make sure the repair cost doesn’t exceed the discount.
Should I purchase a rehabbed house?
When you are buying a fixer-upper or pre-lived in-house, it may have a charm that new construction doesn’t have. It may have crown moldings and features that require fine craftsmen’s skills that cost too much today. The house may be in an old neighborhood with full-grown trees and amenities nearby that attract buyers. It may be near downtown close to work rather than in the suburbs and a long commute.
But, older houses have some drawbacks like antiquated kitchens and bathrooms, furnaces that look like an octopus making the house expensive to heat, and a need for a 220 electrical system to handle the modern electrical loads. Naturally, when you purchase the house, you will spend money bringing the house up to 21st century standards. You may choose to buy and do your own renovation or buy a house already rehabbed.
Some questions you will want to ask to determine if you are buying from a quality real estate solutions company:
If the sellers have flipped a few houses, they have a track record. So get the names of earlier buyers and talk with them. Ask the buyers if all the houses’ systems worked when they moved in and whether they discovered hidden problems.
Ask the current owners for a written, detailed report of all the changes they’ve made to the property. Then you can check with the city if the contractor pulled permits. If no permits, it would make it difficult to buy or sell the house.
Hire a professional house inspector. While getting an inspection is a smart move for any housebuyer, it’s especially important if you are buying a flipped house.
Why Should I Purchase a Rehabbed House?
An Updated Layout. Today many buyers are looking for an open concept house which is not a floor plan popularized by older or traditional style houses. Rehabbed houses usually mean moved or completely removed walls, and redesigning floor plans that cater to today’s modern family.
Inspection Friendly. When a good real estate investor takes on a new property, they go the whole nine yards to make sure the house is in move-in-ready condition for a new owner. These inspections include electrical, termite, foundation, etc. and are essential for ensuring the safety of an older house. That means having pulled all the permits and inspected.
Energy Efficiency. The older the house, the less energy efficient. Many rehabbed houses get their windows, doors and air-conditioning systems upgraded, giving them the latest in energy savings. These energy savers can be expensive undertakings making buying a rehabbed house good for your wallet.
No Work Needed. With a refurbished house you get the best of both worlds; the personality of an older house and you didn’t have to lift a finger to get it move-in-ready. Kitchens and bathrooms take the most time and money to redo, and most rehabbers conquer both before reselling.
Move-In-Ready. Modern house buyers want stainless appliances and granite counters. Many want hardwood floors and wine racks under counters and modern, well-lighted bathrooms. If you pick a trusted real estate solutions company’s property, you’ll be getting a rehabbed house by the best in the business. Best of all, you can move in right away.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast to resolve any situation.
If you’d like to give us a ring, we would be more than happy to spend some time with you to help you understand the process and to get all of your questions answered. You can reach us at 402 999.0577.