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This San Carlos Home sold for just $350,000 when the median price in the San Diego Neighborhood of San Carlos was $426,000. How could this be? Your San Carlos Realtor Explains
CONDITION, the house wasn't neccessarily investment grade, it could be financed, however we are seeing that buyers have come to expect an updated house when they want to purchase. With so many investor flips on the market, they want to see update kitchens and bath with stone counters. They want to see new flooring even if it is carpet.
If you can see the potential in a home beyond what it is currently showing you, you could save thousands of dollars. In this particular example you could have purchased at $350,000, put another $25,000 into upgrading it how you wanted and then been sitting pretty with $50,000 in equity.
The catch? You would have had to have the $25,000 in cash laying around in addition to the money you needed to pay for your down payment and closing costs when you bought the home. There is however a loan program called the 203k FHA Rennovation Loan, that could pay for those repairs as you make them once you have purchased the house. This loan does come with a higher interest rate, but if you are getting a good deal on the house it could still mean saving thousands of dollars.
To find out about this and other ways we can help you reach your Real Estate Dreams, contact your San Carlos Realtor today or ever tomorrow by calling 619.316.7445 or email.
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