As real estate professionals, we’ve seen the California real estate market change a great deal over the last decade.
It’s probably no secret that the market has a big affect on the attitudes and actions of individuals seeking to buy a home in California.
In years past, one way the state of the real estate market affected buyers is that it kept most potential home buyers from seeking out fixer upper homes in San Diego.
When the market was suffering, buyers weren’t as keen on buying fixer-upper homes in California. Now that the housing market is in a state of recovery, there are more and more individuals seeking to buy homes that need fixing up.
If you are a potential home buyer who would like to buy a home or property that needs some TLC, we’ve got a few tips for buying a fixer-upper home.
One thing to take note of is that there are different types of buyers looking to fix up homes and properties. The first type is an investor (also known as a flipper). These folks look to sell homes as quickly as renovations are completed.
If you fall into this category, remember these tips:
- Think about Profits – Avoid buying homes or properties with major problems. This will eat into your profits. If possible, pay with cash and negotiate a low selling price.
- Consider Location – Choose your home or property’s location very carefully. Do you research on employment and transportation opportunities in the area. Find out how other homes in that neighborhood are selling. Is the location convenient or in an up-and-coming San Diego neighborhood?
Perhaps you are looking for a fixer-upper home or property to use as your primary residence. If you are looking for a home or property to live in that needs some work, keep these things in mind:
- Consider Price – While buying for your own use might mean you can afford to pay more for a home, it’s still important to consider the price. Fixing up a home means the value will increase over time.
- Research Renovation Costs – Think about how much money it will take to get the home or property into the shape you want it to be in. Even if a home for sale in San Diego seems like it’s priced for a steal, your renovation costs should be taken into consideration. We recommend overestimating the cost of fixing up a home because no matter how well you plan, there are always things that seem to come up down the road.
- Negotiate – Always try to get the best deal possible. When working with a real estate professional, such as a member of our team at Big Block Realty, buyers and sellers can feel confident they are being dealt with fairly and getting the best possible deals for each real estate exchange.
There’s never been a better time to buy a home or property in San Diego. There are great homes and properties to be found, if you just know where to look. One place to start is our free San Diego home search tool.
The housing market made some vast improvements in 2012 and already 2013 has the market in a great direction!
If you are in the market to buy, we’d love to help you find your next home or property in San Diego or the surrounding areas.
No matter which stage you may be at along the way of a home or property search in San Diego, we’d love to hear from you!
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Your friends and local real estate experts,
Oliver, Sam, Spencer and
The Big Block Realty Family
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Big Block Realty
CA DRE #01885775