If you are looking to save some money on your next home, consider looking for one that needs some renovations. While fixer uppers can be time consuming and costly, there are a few undesirable qualities to look out for in a home that will drive the price down but be a relatively easy fix.
Even if the home is in good condition, if it doesn’t look great when someone is driving up it will be worth considerably less. Issues such as an overgrown lawn and lack of any sort of landscaping are things that you can likely deal with yourself without breaking the bank. It is also one of those projects that can be dealt with later if there are more pressing problems.
A home that has an obviously aged paint job or is has unappealing colors will also scare off potential buyers. If you are willing to put in some elbow grease or hire professionals, a new paint job on properties like this will help increase their value.
Keep an eye out for minor bathroom concerns that could present you with a great opportunity for a lower purchase price. Simple cosmetic issues can present a real opportunity to save you money, however, make sure there aren’t any plumbing issues or signs of water damage.
One common feature in older homes are older door knobs and cabinet pulls. While an easy fix for you, sellers are likely to have a lower asking price if their home has these elements. Additionally, dated shutters or blinds, wallpaper, and any brass or gold light fixtures are something to look out for.
These bank-owned properties are often sold at discounted prices as the banks are simply trying to get back the money they lost. Since they are motivated to get their money out fast, banks also tend be more likely to negotiate than a private seller. Foreclosed homes can be a savvy investment, depending on the condition of the house and the final selling price.