Diamond in the Rough or JunK? Depends On Your Perspective
When I started reading this post, I could see where it was going. However, it went beyond where I thought it was going and I was amazed. Debbie Malone pulled this article together and I mean it is a real gem. If you do not read her blog, this will change your mind. As always with reblogs, I have blocked comments. You can go directly to Debbie's article and comment there.
Time to break out the Tom Brady Pez Dispenser- after two years the MAN CAVE is finished and we were down to pricing custom TV cabinets - YIKES, more than the cost of the TV - so on to Plan B. I went to one of my favorite local sources, Goodwill and found the perfect SEVEN FOOT LONG cabinet for $35.00. I was thrilled, however I could see by the skeptical look on my husbands face that he didn't share my vision. I saw a quality piece of furniture in need of some TLC and he envisioned a trip to the dump.
I saw a diamond in the rough, he saw junk.
The same can be true in the Real Estate Market. For a first time buyer it's overwhelming to go into an outdated or neglected home if you don't know where to start and understandably it can scare them off. Realtors who invest in real estate see a diamond waiting to be polished while the buyer may not see any potential at all. As an investor who has renovated countless properties in the Lynchburg area, I see beyond the paneling or bad paint choices, past worn out carpet and outdated cabinets. I have a strong network of dependable contractors I trust and recommend to clients and I'm available for advice even after the sale.
I work with a lot of first time buyers. I assess their wants and needs, balanced with their budget and ability to handle DIY projects. The good news is there are many quality homes on the market that only need cosmetic improvements to bring them back to life. If you're willing to put in some time and effort, your sweat equity can pay off.
But if you don't have vision, aren't handy or don't have the time to devote, a fixer may not be for you. You don't want to buy a home needing costly repairs that will affect your ability to stay in the home. Things to keep in mind with your new home purchase include:
- Will the improvements bring the value of the property up? You don't want to over-improve and be the most expensive home in the neighborhood.
- Do you have the skills to complete the job? You can paint?, that's good, but hire professionals for the repairs that are out of your scope of expertise.
- Do you have the time to make the improvements? If you can work on a room at a time, an affordable fixer may be for you.
There are many online resources for the first time buyer with advice, inspiration and a dose of reality. Some of my favorites are:
1st Time Home Buyer Info- HOME DEPOT
Now back to the cabinet, my husband loves it but he's going to have to wait on that TV until I sell the next home. So, if you are a first time buyer and would like more information on the home buying process in the Lynchburg, Virginia area, feel free to give me a call at (434) 546-0369 or email me for my Home Buying Guide. I would be glad to work with you in Bringing Your Dreams Home.
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