The harsh truth about bargain hunting for Los Angeles fixer homes: advice to beginners...
Most of you will agree with me, that all home buyers want, is to get a good value when purchasing their home. This is not just the Los Angeles home buyer’s phenomenon, it is prevalent all around the country.
So, with that said, who should be buying a fixer home? There are many factors to consider. Buying a fixer home is not for everyone.
First, the potential buyer needs to have access to a team who can fix, repair, replace things on an as needed or better stated on a must needed basis. In addition, the person should have either a good solid cash reserve or a partner with deep pockets. If either or both are lacking, then the potential buyer should check with a good lender about 203k loans (remodeling loan). I would suggest that, should be the first step, before even looking for a fixer home in Los Angeles.
The second factor and equally important aspect, is to have a great vision. I am not suggesting of having rose colored glasses, rather someone who can see past clutter. Someone who can see and differentiate between, what is a cosmetic and what is a structural repair.
The third and just as important factor as the above two, is to pick a location where one can see themselves living for a few years.
The hardest challenge a buyer will face will be the competition that one encounters. Since there is such a shortage of inventory in all price points, seasoned developers appear to be out there ’en masse’. Some are offering all cash, non-contingent offers, others are offering minimal contingencies. They are all offering short escrow periods. These factors in turn makes it more appealing for sellers to accept them, compared to the novice fixer home buyer who will need a regular loan and to boot a remodeling loan on top.
Hence the harsh truth is, that often the beginners miss out to the seasoned developers. Now if you are looking for a seasoned Los Angeles Realtor to help you get a fixer home with sound strategies, please reach out to me directly.
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 or email@example.com or visit one of my websites at http://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commission to local animal rescue organizations!