When you’re shopping for a new home, it is not uncommon to face a little bit of sticker shock when it comes to price. This often leads to buyers hoping to find a great balance between what they want and what they can afford. But if you are smart (and maybe a bit lucky), you may be able to find some really great deals if you know what to search for.
One of the keys to finding a good deal is to look for properties that have qualities that may seem unappealing at first but that can be adjusted fairly easily. Some of these things can drive prices down significantly but will not require a major renovation to fix. If you are hoping to find a bargain, here are a few things to watch out for.
Even though there’s a good deal of damage that can make your paint look ugly, sometimes the paint is just awful because someone decided to bring together colors that should never coexist. It may be awful colors, it may be cheap paint that’s faded over time or it could even be an amateur paint job that never got touched up.
Regardless of the reason for the ugly paint job, it can drive the price of the property down by thousands or even tens of thousands of dollars. It doesn’t even have to be the entire house; one ugly room can give you an opportunity to find a good deal on an otherwise great property.
A property’s yard is one of the first things that potential buyers see. If it’s always been neglected or has bald patches and overgrown flower beds, this can make a negative first impression because it implies that the house itself may not have been taken care of either. That isn’t always the case, though.
Even if the house is in good condition, a yard that needs some TLC can usually shave some money off the asking price and enable you to net a great deal.
Fixtures and Accents
There are a great deal of cosmetic elements in houses that can start looking rough as time passes. Handles and knobs can come loose or become tarnished, shutters can get loose, bathroom tiles can become cracked… the list continues. While updating these issues won’t break the bank, many sellers will drop their asking price quite a bit due to how these little things make the house seem.
A lot of buyers shy away from houses that have obvious bathroom issues, causing those sellers to bring the price down significantly in many cases. Depending on the extent of the issues in the bathroom, however, there might be a real chance here.
If the problem with the bathroom is largely cosmetic, then you may be able to fix it on the relatively cheap side and save a lot of money in the process. Just be sure to keep an eye out for signs of water damage or mold, because that could indicate issues that would be more expensive to fix.
One other strategy for finding a deal is to look for bank-owned properties that were previous foreclosures. These properties are often sold at a discount because the bank isn’t necessarily attempting to sell the house at market value, it is simply trying to recoup the money it lost as it had to foreclose.
The amount you can save will depend on both the bank and the amount of equity that was in the home as it was foreclosed, but you may luck into a great deal on a nice house this way. Just be aware that while there are legitimate programs that can help you find a foreclosed property, there are also some scammy ones out there as well.