Purchasing ‘Fixer-Uppers’ or ‘Foreclosed’ Homes
Filed Under Blog, Vancouver · Tagged: foreclosure, Home Finder, Portland Homes
Many ‘fixer-uppers’ or ‘foreclosed’ homes have been poorly maintained and may be in need of some major repairs. Many are located in lower market-value areas, meaning it might be harder to sell after the property is fixed up and brought up to date. It is the advise of experienced investors to find properties in the better areas of any community so the house can be sold fast or rented out after repairs are made. Many advise to always look at the most run downed house, located in the best area of town to invest in. If you intend to keep the house as a rental, you want to buy it in an area where people want to live, ensuring a more reliable source of rents.
If you intend to ‘flip’ or sell the house, it will sell faster and for a higher price if it is located in a better area of town. Be aware of the needed funds to make everything happen over and above monies needed for the purchase, utilities, repair costs, permit fees, any sub-contractor costs, materials, insurance, appraiser fees, home inspection fees and other misc. costs.
Some fixer-uppers & foreclosed homes make a good investments, however you must go slow and use caution when you are looking at or buying any property that falls into the fixer-upper or foreclosure categories. Seek the help of a Realtor or real estate agent who is familiar with home values, the current market conditions and sales prices of any area. Check the current building codes for the area as you may have to invest more money than planned to get the house in a livable condition. Make sure there are no ‘hidden’ liens, or mortgages on the property, and any hidden health risks that might make the property un-inhabitable. You should always avoid any houses that need any structural type updates or repairs. Experienced investors will advise you to get all detailed facts and information on any property before committing to buying it.
Is now a good time to buy a home?
Filed Under Blog, Portland, Vancouver · Tagged: buyers agent is free, buyers market, buying a home, Home Finder, Low interest rates, tax credit
I get asked this all the time. And my answer is always the same, “Yes!” Here are just a few reasons why:
1. Buyers Market! Right now we are in a buyers market. The inventory of homes is high and prices have still not bottomed out. There is a lot to choose from which gives you more opportunity to find the house that best fits you and your family’s needs.
2. Low Interest Rates! Current interest rates are sitting right around 5%. This is a great time to jump on the lower interest rate as they are expected to start to climb again, soon. Lower interest rate means a lower payment or a bit more in a house!
3. Tax Credit! Whether you are a first time home buyer or a repeat buyer, there is a credit for you. This is not a tax decuction, it is FREE money!
4. Buyers agent is FREE! As your buyer agent, I will cost you NO money for my services! I am licened in Washington and Oregon and love to help clients find their next home! Consider me your personal home finder! Give me a call and put me to work for you.
360-607-4100
