Buying the worst home on the block could be caused by a multitude of reasons, however the two most common are due to affordability/budgets, or to try and flip the home, both of which can be done by either homeowners who plan to occupy the house as a full time residence, or investors who are hoping to flip the home and sell it at a higher rate for profit. Medina Real Estate is far below the national average, with the median home value right around $75,000, it’s no secret that the housing in the city is far more affordable than that of other surrounding areas.
Related: Are Home Warranties Worth It?
While it is often hard to find an affordable home that isn’t swooped up by an investor of sorts, Medina homes have become wildly popular as it allows for not only an affordable purchase, but an opportunity to truly make the house a home. Naturally, houses that are listed at a lesser price, or more affordable, can allow for more opportunities to renovate or upgrade as you may be able to budget in needed, or often wanted, renovations.
Unfortunately, among the visions and dreams to make a house a home, if the home is well below market value, even within an affordable area, you still need to make sure to pay attention to red flags. There is a lot of pride to be taken in making the worst house on the block the best, however, if you’re planning on purchasing a fixer upper, whether for full time living, or to use as an investment property, it is vital that you budget for both time and finances accordingly.
Related: Two Ways to Purchase Foreclosed Homes
Should you find a house that simply requires too much work, it is important to remember that even when buying the “worst” home, you still must set boundaries. Some projects may simply be too much, so setting strict boundaries on what you’re ok with renovating, your all in-budget, etc. is key in ensuring that when you purchase your home it will result in a flip and not a flop.
If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding New York Real Estate, please feel free to contact our office at any time.
Recent Comments